Sentences with phrase «mortgage upon your death»

Mortgage Life Insurance pays off the mortgage upon the death of the mortgagor / owner.

There are different ways that you can provide for the payoff of your mortgage upon your death using life insurance.

Lenders don't immediately foreclose on homes with reverse mortgages upon the death of the borrower.

I have one client at age 80 who purchased a 10 year term policy on her life for $ 125,000 to cover the cost of her mortgage upon her death.

Mortgage Life Insurance pays off the mortgage upon the death of the mortgagor / owner.

Decreasing term was designed to pay off your mortgage upon the death of the homeowner, or the person paying the mortgage if that is someone other than the owner of the home.

If only I had bought that policy that would have paid off that mortgage upon my death.

This policy was designed with the express intent of paying off a mortgage upon the death of a home owner.

This type policy is usually used to pay of the balance of a mortgage upon the death of the homeowner.

Decreasing term insurance was designed to pay off the balance owed on a mortgage upon the death of the person making the mortgage payments.

Mortgage credit life insurance is designed to pay off the balance of a home mortgage upon the death of the insured party.

Not exact matches

A term policy can be structured for a specific term that pays a lump sum upon your death which can be used for any purpose, including paying off your mortgage.

This can be an especially good purpose for a mortgage life insurance policy, because employer plans generally do not provide enough coverage to provide for many of your family's needs upon your death.

This type of policy repays an outstanding mortgage balance upon the death of the person who took out the insurance policy.

Other popular reasons for having life insurance include: Income replacement for dependents; to pay off debt like a mortgage or a line of credit; to create an emergency fund; to cover final expenses incurred upon your death; for estate planning reasons or to leave money to a favourite charity.

Truth: The provisions a homeowner (s) sets up in their estate as to who is the rightful heir of the property upon their death will remain in effect: a reverse mortgage does not change that.

The mortgage may be paid off, but what if the best decision upon your death is to do something different with the money?

Velentyne Estate v The Canada Life 2017 BCSC 1444 upheld the insurer's exclusion clause that mortgage insurance would not be payable upon a death if the death resulted as a result of criminal activity.

John and Margaret each purchased a $ 25,000 whole life final expense life insurance policy to pay for their funeral expenses and 12 months of their mortgage payments upon their death.

His $ 10,000 was to be used to pay their mortgage payments upon their death for one year.

Or is it just another way for your mortgage company to siphon extra money out of your wallet each month while protecting itself upon your death?

Protecting your mortgage and making sure your family owns your home upon your death is one of the most loving things you can do for your family.

If you do have a mortgage that you would like to be paid off, paid down, have payments made, or have your equity in your home protected upon death, then mortgage protection is a perfect solution for you and your loved ones.

This is an attractive mortgage protection policy for homeowners, because the living benefits built into this policy helps protect a homeowner, not only upon death, but when they become ill or unemployed.

Upon death, your family has the option of paying off the mortgage or investing the funds.The Bank's mortgage insurance must be used to pay off the mortgage regardless of interest rates and other investment opportunities.

While mortgage life insurance works in much the same manner as a regular life insurance policy does, with the payout of death benefits upon death of an insured, in many instances, these types of policies will only require a minimal amount of underwriting for approval.

You might also need life insurance to cover debts upon your death, such as a mortgage or credit cards, and don't want to leave your family with debts.

This death benefit can cover funeral expenses, mortgage payments, college tuition and living expenses, depending upon the amount of the policy.

Mortgage protection insurance is a policy sold by your mortgage company or bank that pays off your outstanding loan upon youMortgage protection insurance is a policy sold by your mortgage company or bank that pays off your outstanding loan upon youmortgage company or bank that pays off your outstanding loan upon your death.

A first - to - die policy can be useful when your only consideration is paying off the mortgage upon either death and you do not wish to retain any insurance once you have paid off the mortgage.

This strategy assumes that upon your death, your spouse invests the death benefit proceeds, which will earn a conservative 6 %, and draw off of that money to pay down the mortgage over time, rather than apply the entire $ 350,000 to the mortgage balance immediately upon your death.

As the mortgage is paid off the need for the higher payout upon death is reduced therefore this coverage decreases not only the payout upon death as time goes by but also has lower premiums.

These can include the replacement of income upon the death of a breadwinner, the repayment of debt such as a large mortgage balance, or even the payment of expenses such as a future college education for a child or a grandchild.

This thoughtful parent may buy the policy on his or her own life and upon death the mortgage is paid off.

Your face amount, or «death benefit» is paid to your spouse or heirs upon your death, allowing them to cover any loss of income and pay off any debts you might have, such as a mortgage or a major loan like the one you are pursuing from the SBA.

These term insurance policies pay off your mortgage balance upon your death.

These policies are designed to pay off ones mortgage balance upon the death of the insured.

In order to make sure that your family will be able to live in the home free and clear upon your death, you also take a mortgage life insurance policy for $ 200,000 — the exact amount of the mortgage balance owed.

Upon your death, the mortgage on the house will automatically be paid off.

This can be an especially good purpose for a mortgage life insurance policy, because employer plans generally do not provide enough coverage to provide for many of your family's needs upon your death.

So if you'd like to have your mortgage paid off upon your death, keep it simple, and go with a regular term life insurance policy.

But since it is an insurance product designed specifically to pay off your mortgage, the proceeds will go directly to your lender upon your death, and not your beneficiaries.

Mortgage life insurance that will pay off their loans upon their death is available to homeowners, however.

For example, if there were two people who signed the mortgage, does the payout of the outstanding balance only occur upon the death or permanent disability of the last of the mortgagors?

If you don't have a Last Will and Testament upon your death, then these laws decide who inherits your Florida real estate and other personal property, as well as how your creditors are to be paid (like credit card debt, mortgages, funeral expenses, etc.).

Beneficiary: An individual, company, organization, or other entity named in a trust, life insurance policy, annuity, will, mortgage loan or other agreement who receives a financial benefit upon the death of the principal.