YOUR HOME. ENSURE THAT YOU'LL
LEAVE A DEED, NOT A MORTGAGE.
A Home Loan Insurance Policy, sometimes referred to as Mortgage Cancellation Insurance, or Mortgage Protection Insurance, protects the homeowner's family by insuring the funds are available to payoff the mortgage in the event the insured homeowner dies before completing their mortgage payments. Thereby cancelling the mortgage and Leaving a Deed, Not a mortgage, for the surviving family.
An overwhelming percentage of home foreclosures in the U.S. are the direct result of the inability of a surviving homeowner to continue to make the mortgage payments after a death or disability of a family income provider.
Low Cost Level Term life Insurance is the most common type of life insurance chosen to provide a Home loan insurance policy.
Without Home loan Mortgage insurance, the surviving family is left with a mortgaged home and a payment that they may not be able to keep up. Ultimately, they could lose their home through foreclosure, or a forced sale to prevent foreclosure.
Do Not confuse Home loan mortgage insurance with PMI. PMI only insures the mortgage lender will not lose money in the event they have to foreclose. PMI is included by your lender, within the mortgage payment for so long as the mortgage remains greater than 80% of the current market value. They are required to remove it automatically once the mortgage to loan value parameter is met.
Mortgage lenders sometimes offer a type of life insurance to pay off the mortgage in the event of death, however they often require that any death proceeds from the life insurance be paid directly to them first, not your heirs.
We have nearly 50 years experience helping our clients buy life insurance with no medical exam.
It is now easier than ever before to apply for Home loan insurance without a medical exam.
Ethos Technologies has provided online quoting and application tools that makes it possible to purchase up to $1,000,000 of Level Term Life insurance online, in private, without a face to face agent visit and usually without a medical exam..
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