With mortgage insurance, you typically have a choice of life, disability, or both. With mortgage life insurance, in the event of your death, the benefit payment goes to the lender to pay off the remaining principal amount of your mortgage (or the % that you have insured). The amount of coverage that you hold will decline in line with your mortgage balance. The payment ensures that your mortgage debt is paid off, ideally allowing your family to remain in the house that they call home. Another type of mortgage insurance covers injury/illness. In this case, should you have an injury/illness the insurance policy will cover your monthly mortgage payments and can also include property tax payments.
When it comes to protecting your mortgage, you have a variety of options available. Our team will work with you to customize a plan that meets your needs. Mortgage insurance covers one of the largest purchases in your lifetime. It provides the security you desire, giving you and your family peace of mind knowing that your mortgage will be paid off should the worst happen. Outline Financial can help walk you through your options and can help design a custom insurance plan tailored to your needs.