Need Mortgage Protection?

By
Real Estate Agent with RE/MAX Agents Realty

If you have a mortgage on your home in town, you have probably gotten several offers from insurance companies that sell coverage to pay off your mortgage if you die unexpectedly. Insurance is a good idea in most cases, however, mortgage insurance is usually a poor value.

If you read the large print, it looks like the policy will protect your family if you die before your mortgage is paid off. All you have to do is fill out the paperwork, have a physical exam, and pay a little more each month. The fine print, however, may limit the coverage to accidental death. If there are two people on the deed of trust, the policy may pay only half if one of them dies. If you are considering mortgage insurance, call a good insurance agent before you send in your forms. Insurance experts usually advise against separate policies to cover various contingencies. A regular term life insurance policy equal to the amount of your mortgage will probably offer you a lot more coverage for your money.

Posted by

Dallas Chambers

RE/MAX Agents Realty

Office:  770-922-7777 X316

Cell:     770-595-1541

Web: www.dallasc.remax-georgia.com

E-Mail:  dallasc@remax.net

Each Office Independently Owned and Operated.  All information deemed reliable but not guaranteed.

close

This entry hasn't been re-blogged:

Re-Blogged By Re-Blogged At
Topic:
Home Buying
Location:
Georgia
Tags:
bank owned
short sales
foreclosed properties
first time homebuyer
homes for sale in conyers ga
homes for sale in covington ga

Spam prevention
Show All Comments
Rainer
402,367
Jay Schmitt
Keller Williams Keystone Realty - Gettysburg, PA
Gettysburg Real Estate Agent

Very interesting as I have never looked into insuring a loan. Thanks for sharing.

May 23, 2010 02:16 AM #1
Show All Comments

What's the reason you're reporting this blog entry?

Are you sure you want to report this blog entry as spam?

Rainmaker
137,947

Dallas Chambers

Ask me a question
*
*
*
*

Additional Information