Mortgage Protection

As a new or experienced homeowner, it is difficult to think of what may happen to your family in the event of your death. When new homeowners close escrow, they are bombarded with proposals for mortgage protection, proposals that are often not the right fit. Choosing the best product and receiving the lowest rate available for mortgage protection is difficult, as you do not want to end up paying more for the exact same product.

Much like mortgage term life insurance, mortgage protection is designed specifically with the family in mind. One of the greatest worries for homeowners is taken care of upon receiving mortgage protection. In all reality, a mortgage insurance policy is the vehicle used for mortgage protection.

Mortgage protection is one of the single most important products a homeowner can purchase to secure their family's financial future. With mortgage protection, the insured homeowner has the option of decreasing their death benefit as much and as often as needed as their mortgage decreases. As their coverage amount decreases, their mortgage insurance premium will decrease accordingly. Their mortgage insurance premium will decrease at the rate when it was locked in, instead of it being five or ten years from now's prices, which will be much, much higher.

Benefits can range from full to partial payment coverage depending on what mortgage protection plan you choose. Previously, mortgages protection benefits were determined by the outstanding balance of the mortgage. However, most quality mortgage protection plans today will pay the original mortgage balance, despite changes of value in your home throughout your policy holding period.

Mortgage protection death benefits can be used towards a number of expenses and are not limited to the mortgage payments. These death benefits can be used to make payments on a number of things, including income replacement, credit card debt, auto loans, tuition, funeral/burial expenses, and nursing home costs.

TermAdvantage is committed to finding you mortgage protection that fits you and your family's specific needs and budget. Since mortgage protection plans can vary in price substantially, TermAdvantage shops over 2,000 mortgage protection companies to find mortgage protection custom-fitted to your exact specifications. While the decision to purchase mortgage protection is an important one, TermAdvantage is committed to bringing you the best available mortgage protection at the lowest rate from the nation's highest-rated (A or better by AMBest.com) mortgage insurance companies.