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 about Credit & Lending
Several companies give consumers the option to purchase combined life insurance, including Combined Insurance, USAA and Northwestern Mutual. This insurance option can be used to pay for long term care, final expenses and loss of income.Full Answer >
To get a quote for a mortgage, check mortgage company rates online or call around to lenders to find the most current information. Be aware that advertised rates can change quickly and may not apply at the time the buyer is ready to put in an application.Full Answer >
It is possible for someone who has cancer to get life insurance, but it may be difficult or expensive. In most cases, the insurance company requires the patient to be in remission for a specific amount of time before approving a policy.Full Answer >
Mortgage lenders evaluate an applicant's FICO scores from one or more of the three major credit reporting bureaus: Equifax, Experian and TransUnion. Individual FICO scores reflect the credit history of the applicant, and the scores with each bureau can differ slightly.Full Answer >