Posted: 1/15/2010 9:20:14 PM EDT
| I just refinanced my house and I got a few offers in the mail to buy Mortgage insurance. If my wife or I die they pay off my mortgage. Is this worth signing up for and if so how much should it cost for a $300,000 mortgage? Many thanks! |
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Just buy 300k of term insurance for 20% of the cost of mortgage insurance. Thanks for the tip! Any idea what the mortgage insurance would be around so I can compair prices to the term insurance? Thanks! 
About $70 per 100k per month Over $200 a month! Forget that! I'lllook in to the Term Ins. Thanks! |
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I just refinanced my house and I got a few offers in the mail to buy Mortgage insurance. If my wife or I die they pay off my mortgage. Is this worth signing up for and if so how much should it cost for a $300,000 mortgage? Many thanks! PMI protects the bank, not you. Buying life insurance is a much better answer. |
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I just refinanced my house and I got a few offers in the mail to buy Mortgage insurance. If my wife or I die they pay off my mortgage. Is this worth signing up for and if so how much should it cost for a $300,000 mortgage? Many thanks! PMI protects the bank, not you. Buying life insurance is a much better answer. Plus it stays with you unlike selling the house. |
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Just buy 300k of term insurance for 20% of the cost of mortgage insurance. That's exactly right. Your estate planning should take this into account. If you have not done so, see someone with experience in this area and look at what you need to do to use insurance to cover you (as insurance is supposed to) if you become ill or croak before you get to a point where you can retire. Paying off the house is one of those things. I have never seen a mortgage protection policy that was less expensive than life insurance, and that's before you get to tax advantages. See an estate planning guy. Seriously. This is an area most people examine a few times in their life. You really need to work with someone who does this for a living and knows the ins and outs of it. |