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a shot in the dark.  
12:12pm 02/09/2009
 
 
Benjamin
When I bought my house, I was inundated with fliers for what was called "mortgage insurance". The benefit of this insurance is that the mortgage is paid off in the event of the death of one of the mortgage holders. At the time, one of the mortgage holders was my 96yr old grandmother so that was understandably a deal-breaker for them. I've been sniffing around the internet with no luck since she died, but to no avail. My insurance company told me to talk to the lender (a regular 'ole bank). The bank told me to talk to the insurance company. The Insurance agent told me to talk to the Insurance company (different companies). Everyone seemed to be familiar with the idea, but none of them offered any such policy. I found a few companies online that offer something they call mortgage insurance, but their thing is for lenders, not lendees... So, I ask you: Does anyone know of this magical, mystical form of insurance, and where it can be found? I thought that my google-fu was strong, but in this case, it is not so strong.
location: Land of Caps
mood: curious
music: Commodity - Unwoman
 
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 bunny42
 
05:58pm 02/09/2009 (UTC)
 
 
bunny42
So-called "mortgage" insurance is/was nothing more than term life insurance, only specifically directed to pay off the mortgage, and, as I recall, priced higher than regular term. It was a come-on. Not a bad idea, but it may have priced itself right out of the market. You can get term life for relatively little money, and, in the event of the unthinkable, at least the money's there to either pay off the mortgage or to do whatever else is needed.

Just for grins, I went to a term life rate quotes site and plugged in some bogus stats, just to see. I picked $300K, 25 years, 48 years old, non-smoker, in FL. The estimate from this site, which claims not to promote any specific insurance co. but uses composite estimates, was $927 per year. I bet you could find it even cheaper than that, depending upon the number of years, etc.

Heh, I ran it again for $500K, 15 years term and age 41, male, non-smoker. $310 per year. Good hunting.
 
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