Insurance Against Rising Mortgage Payments
There are many different types of insurance policies for homeowners, but one of the most common is a 'mortgage life insurance policy'. This policy provides an individual with a fixed amount they would receive in the event that they die while still on their property and within their mortgage term. In addition, there are some other benefits to obtaining this type of insurance as well: it will not be eligible for repayment if you sell your home; can be paid off in installments; and will not count against your lifetime income. It is important to understand how this kind of coverage will affect your total credit score when considering carrying such a policy.
The mortgage life insurance policy is often not regarded as 'life insurance' by most companies and will not be included in your free annual credit report. It must be paid directly to the company, which means there is no monthly premium (or at least one that you are aware of) and no annual statements. In addition, the policy will not appear on your credit report until after it has been paid off or you have submitted a claim. That being said, there are some companies that provide this type of supplemental coverage with a traditional life insurance policy. This gives you the option to purchase lower premium amounts for both policies that can be paid off over time, if needed.
The drawback to this type of coverage is that the policy will only be an insurance policy. You will be required to file a claim once you pass away or when you die if your mortgage is paid off. The company may require documentation such as a Will, Death Certificate, and a Burial Request form for those traveling outside the country. The claims process may be difficult for those who are less experienced with these types of policies. This is why it is imperative to discuss this option thoroughly with professionals in advance of choosing any kind of life insurance. If you need assistance in comparing options, please see our links below or call us at 434-241-7000 and ask for recommendations on how we can help you...
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Mortgage Insurance - A Guide for Homeowners
If you are interested in securing insurance for the purpose of protecting your home you can use the following links to learn more: http://www.credit.com/mortgage-life-insurance-guide/ http://www.credit.com/mortgage-life-insurance-guide/mortgage_life_insurance_ii.php http://www.credit.com/mortgage-life-insurance-guide/mortgage_life_insurance_iii.php http://www.credit.com/mortgage-life-insurance-guide/mortgage_life_insurance_iv.php
http://www.creditboards.com/forums/financial-services-real-estate/-2985349-.html
http://www.nytimes.com/1997/03/21/business/housing-giving-thereshegoesmortgageratesfallandwhathouseworthstodaynooneknows-.html?pagewanted=1&src=pm
http://www.ftadviser. com/benefits-and-advantages/mortgage-life-insurance
http://www.credit.com/mortgage-life-insurance/mortgage_life_insurance_i.php
http://www.creditboards.com/forums/financial-services-real-estate/-2985349-1.html
http://finance.yahoo.com/news/mortgage-life-insurance-for-homeowners-is_1_060723200.html
http://www.latimes.com/business/la-fi-mortgagelifeinsurance20101027,0,4011808,print
https://www.creditboards. com/forums/financial-services-real-estate/-2985349-.html
"New York Times" article on insurance for home owners http://www.nytimes.com/1997/03/21/business/housinggivingthereshegoesmortgageratesfallandwhathouseworthstodaynooneknows_.html?pagewanted=1
"The Wall Street Journal" article on insurance for home owners http://online.wsj.com/article/SB120888476098558446.html
"New York Times" article on mortgage life insurance companies http://www.nytimes.com/1997/03/21/business/housing-giving-thereshegoesmortgageratesfallandwhathouseworthstodaynooneknows-.html?pagewanted=1&src=pm
"New York Times" Article on mortgage life insurance companies http://www.nytimes.com/2010/10/06/your-money/personal-finance/06mortgage.html?_r=1&ref=your-money&pagewanted=all
For more information on mortgage life insurance, please see the following links: http://www.credit.com/mortgage-life-insurance-guide http://www.creditnets.com/mortgage_life_insurance http://www.edmunds.com/car-loans-and-financing/articles/39584739--mortgage-life-insurance--offers--extra--coverage--against--longterm--debt-.html http://www.creditboards.com/forums/financial-services-real-estate/-2985349-.html
"New York Times" article on mortgage life insurance companies http://www.nytimes.com/2010/10/06/your-money/personal-finance/06mortgage.html?_r=1&ref=your-money&pagewanted=all
"New York Times" article on insurance for home owners http://www.nytimes.com/1997/03/21/business/housing-giving-thereshegoesmortgageratesfallandwhathouseworthstodaynooneknows-.html?pagewanted=1&src=pm
"Forbes" Article on the importance of life insurance http://www.forbes.com/sites/mikepompeo/2011/10/06/life-insurance-why-you-need-it-and-how-much/?partner=yahootix
"Finance and Insurance, Mortgages, Loans and Credit, Mortgage Life Insurance; ACA Mortgage Life Insurance Review", MBIA, Inc., ACA Financial Guaranty Corp. & College Savings Bank of Albany; at pages 1–2 (June 2007).
http://www.nytimes.
Conclusion
One of the largest risks homeowners can face is the risk of losing their home. This loss could be due to a variety of reasons and can be prevented by having adequate insurance. With this being said, it is important to understand that different types of coverage will have different effects on your credit score. In addition, it is important to have a plan in place if you are struggling to pay off your mortgage before you apply for other lines of credit or choose not to carry supplemental life insurance.
https://www.creditboards. com/forums/financial-services-real-estate/-2985349-.html
http://www.latimes..