ANSWERS: 5
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Yes there is such a thing, I had it on one of my previous mortgages. This is something that is generally offered by your mortgage company, and not all of them do it.
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Get a life insurance better, probably is much cheaper than the mortgage insurance. Your beneficiary collects cash to pay off the mortgage after you died. I recommend term life for 30 yrs, don't buy whole life. Don't let them invest the money for you, that's the whole life is about.
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Buy 30 yrs term life insurance when you are young and has no health problems. Don't smoke or stop smoking, the rate will be very low/affordable comparing to the bank offers you. Same thing, when you die, your beneficiary collects the money to pay off the house. Don't get 20 yrs, if you are still alive, the cost to renew it will be extremely high (double or triple or they don't even want you anymore) because by then your health won't be so great.
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YES THERE IS MORTGAGE INS. CHECK WITH YOUR INSURANCE COMPANY, THEY SHOULD ADVISE YOU.
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You can get a declining balance life insurance policy that would be cheaper than mortgage insurance. And depending on the age of your son, you might want to consult an attorney before you make him the beneficiary of the policy.
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