This community is dedicated to those who have lost a husband, wife or partner. Anything is open for discussion here, with the hope that we can focus on grief, bereavement, life aft...
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mortgage insurance
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i need advice & help........
any widows & widowers have a mortgage, and on there monthly payment, they are paying mortgage insurance... does anybody understand what is it.... and what does it do?????? Posted on 07/26/08, 07:07 am |
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we had mortgage insurance on our home, but the catch was it was only for accidental death or dismembering. Pauls cause of death has yet to be determined from the autopsy wich was done right after his death on May 20. We still don't have an answer so we don't know if the insurance is applicable. I have a feeling it's not going to be. I am so depressed over the money situation on top of losing my everything in Paul and now I have to go in next week for another surgery. God and you all out there please pray to give me strength, because despite my daughter, I am really on my own, and its scarey.. Amy 
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I didn't realize how having this insurance would have helped, we did not have it. If we had the house would have paid off since I lost Ted accidentally. Not sure about all the small print, but worth checking into with the bank, or an attorney. Hope this helps somewhat. Paulsdoll you are in my thoughts and prayers. Hugs
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When Carlos & I bought our house we were given the opportunity to purchase this insurance - we were both young - we looked at each other & laughed. We turned it down. Same with the PMI on the new pickup truck we purchased in March. If I had only known . . .
I don't know all of the fine details, since I didn't have it - but it's meant to pay off your mortgage or loans in case of death of one of the owners. I hope you're asking because you have it - it would make things so much easier for you. You're in my thoughts and prayers. Angela
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i am getting nervous... because if from what I am hearing, this mortgage insurance, if it is what everyone is saying.. which covers you, incase of a death, or something... i will be in such happy tears... and the guy that I have been seeing... is telling me the same you all are helping me with... with take off 95% of stress off my back... and now, the mortgage company, will owe me over 8 months of my money back... and we are talking a lot..
its scarey... but I am praying its true. the house & mortgage was in my husband's name.
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Just checked. my mortgage insurance is only for accidental death/dismemberment--illness, suicide, death due to a crime, or act of war not covered.
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There are several types of mortgage insurance. There is one called optional insurance at the mortgage company and that is what sometimes pays in the event of a death. The other type of mortgage insurance that most people have is to protect the mortgage company incase you default on your loan. Please call you mortgage company and make sure what type of insurance you have. I've been in the mortgage business of almost 30 years. Please call them
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