Home mortgage insurance is by far the most important thing you can do for your loved ones. By protecting your home and family in the event that you're diagnosed with a terminal illness, home mortgage insurance policies can be written to include a terminal illness rider. A terminal illness rider will pay off part or all of your mortgage while you're still alive. Most reputable home mortgage insurance companies already include this feature in all of their home mortgage insurance policies.
Protecting your mortgage is one the first responsibilities that you must take upon yourself as a homeowner. Upon closing escrow, homeowners are urged to purchase home mortgage insurance. The idea behind home mortgage insurance is the same as with mortgage term life insurance, in that home mortgage insurance protects all family members living in the home of being foreclosed on and evicted in the event of defaulting due to the death of the insured.
Your coverage amount can be used upon your death for anything your beneficiary(ies) would need. Your death benefit can vary from lump-sum to installment payouts depending upon which home mortgage insurance policy you choose. Previously, home mortgage insurance rates were determined by the outstanding balance of the mortgage. However, most quality home mortgage insurance policies these days will pay the original mortgage balance, despite changes of value in your home throughout your policy holding period.
Your death benefit can be used towards a number of expenses and are not limited to the mortgage payments. This coverage amount can be used to make payments on a number of things, including everyday bills and household expenses, credit card debt, auto loans, home equity lines of credit (HELOC's), tuition, funeral/burial expenses, and nursing home costs. These are clear examples of how home mortgage insurance can end up being used for income replacement or any other type of debt repayment.
TermAdvantage is committed to finding you home mortgage insurance that fits your family's needs and budget. Since home mortgage insurance varies in price substantially, TermAdvantage shops over 2,000 home mortgage insurance companies to find home mortgage insurance custom-fitted to your exact specifications. While the decision to purchase home mortgage insurance is an important one, TermAdvantage is committed to finding you the best available home mortgage insurance at the lowest rate from the nation's highest-rated (A or better by AMBest.com) home mortgage insurance companies.
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