Life Insurance may be a better option, and here’s why.
You sit with a mortgage loans officer in a lending institution. You’ve signed the mortgage papers, and now the lender asks: “Would you like mortgage insurance? That way, if you die, we’ll pay off your mortgage and your spouse or family won’t have to worry.”
Naturally, you are tempted to answer, “Where do I sign?” But wait! Before they put pen to paper, make sure they know the facts about the coverage you are considering. Chances are you’d do better to protect your mortgage with a personal life insurance policy.
Mortgage Insurance can limit your control – as well as value, flexibility and security.