Any Questions ?
Here We have your Answers !
Mortgage Protection is a policy that pays off or pays down your Loan when the insured passes away. It can also provide funds to make your Mortgage Payment for Disability due to an accident or sickness. Mortgage Protection can also pay off your loan or make mortgage payments in the event of a Major Health Condition such as; Cancer, Heart Attack or a Stroke and more…
This question is more individually answered & based on what’s important to you!
So let me ask you a few questions:
- Is it important to you for your family to get the home if you were to pass away before your lone is paid in full?
- If you were to be diagnosed with a Major Illness within the term of your loan would you need Mortgage Protection to pay off your loan or make Mortgage Payments for you while you were in recovery?
If you answered YES ! to either one of these questions, you & your loved ones would greatly benefit from Mortgage Protection.
Mortgage Protection is a Insurance policy specifically designed to protect your home from Foreclosure due to death! It can also include other options to cover situations you may be concerned about such as; illness or disability & if nothing happens some plans will even give you a 100% refund of your premium at the end of your term.
Mortgage Protection is a individual plan provided directly to the homeowner, spouse or significant other for the payoff or protection of the home.
It’s important to know that there are 4 factors that will determine your options for Mortgage Protection.
These factors are;
- 1) Your Age
- 2) Your Health
- 3) Your Loan Amount
- 4) Term of Your Loan
Because these factors vary from person to person the only way to get your specific options for Mortgage Protection is usually from a Mortgage Protection Specialist, someone who has access to multiple carriers with plans specifically designed for Mortgage Protection. Click Here to schedule a consultation with one of our mortgage protection specialist who can help you establish coverage right over the phone.
The cost of your Mortgage Protection plan will be determined by the options available to you & remember the 4 Factors that determine your options which are;
- Your age
- Your health
- Your Loan Amount
- Term of Your Loan
But as the homeowner you can determine the type of Mortgage Protection Plan their by controlling the cost to help make your Mortgage Protection plan as affordable as you need it to be!
Let me explain, there are usually 3 Types of Mortgage Protection Plans
- Focuses on the payoff of the mortgage in full. If that plan rates aren’t quite where you need them be or isn’t affordable to you, you can lower the rate by shorting the Term! So instead of doing a 30 year plan if you have a 30 yr mortgage you can do a 20 year plan & worry about the last 10 years 20 years from now!
- Mortgage percentage plan! It focuses on covering a percentage of the Mortgage instead of the full payoff. There are 2 benefits to the % plan for the homeowner! The first benefit is because you can control the coverage amount of your mortgage protection plan that gives you direct control of your monthly premium required to own your plan. The second benefit is because the mortgage protection coverage always stays the same as the years come and go a smaller amount of protection to start could be enough to pay off your loan down the road.
- Mortgage Payment plan! It’s focus is to pay the monthly mortgage payments, taxes, insurances and to provide for the up keep of the home so it can be sold & the equity in the property can be divided among your loved one’s or until your chosen family member or loved can take the loan over. Because this plan isn’t trying to pay off or pay down the loan it’s usually the most affordable out of the 3 plans types & the most common for our homeowners 70 yrs of age or older…