Mortgage lenders don't require that borrowers have life insurance, but they offer borrowers the option of purchasing mortgage life insurance. A mortgage life insurance policy names the mortgage lender as the borrower's beneficiary. If the borrower dies, the lender uses the insurance money to pay off the loan.Know More
Mortgage life insurance is an option for borrowers who want to avoid having their survivors be responsible for paying off a mortgage in the event the borrower dies. However, there may be a better way to achieve the same goal.
Consumers should compare the cost of mortgage life insurance to the cost of term life insurance. Term insurance is often less expensive, and it gives beneficiaries the option to use the money however they want.Learn more in Credit & Lending
National mortgage settlement checks are reimbursements to mortgage borrowers as a result of historic joint state-federal settlement with mortgage lenders. In 2012, the lenders issuing reimbursement to borrowers included GMAC, JP Morgan Chase, Wells Fargo, Citi and Bank of America.Full Answer >
An unemployed worker can get a loan by borrowing against his home or his life insurance. If he has a regular income such as disability payments, he is eligible for a Home Equity Line of Credit. Furthermore, he can use a co-signer with better credit to get a loan.Full Answer >
Private mortgage insurance is a policy purchased by home buyers in order to protect lenders in the event that the buyer defaults on the mortgage loan. Lenders typically require PMI whenever the down payment on the home is less than 20 percent of the purchase price.Full Answer >
According to Futurity First, life insurance is an important asset because it provides financial protection for the beneficiaries, helping pay for funeral expenses, pay-off debts that could be assigned to the estate and providing living expenses to any dependents. Life insurance can also be used to protect a business from the devastating loss of a key employee, provide an emergency cash fund, create a supplemental retirement plan and provide peace of mind.Full Answer >