Mortgage Protection Insurance

Mortgage Protection Insurance

If you’re like most Americans, your mortgage payment is your single largest monthly expense. Do you know what you would do if you became sick or disabled and couldn’t meet your payment obligation? Savings can only last so long, and you don’t want to end up losing your house. Mortgage protection insurance guards against such an outcome. Macino Financial understands your desire to protect your home and family.

We will put our experience to work for you in evaluating and selecting the most attractive mortgage protection insurance plan to meet your needs.

What Does Mortgage Protection Insurance Cover?

If you have a valid policy and become temporarily or permanently disabled, you can expect payment of some or all of your mortgage payment for a set time frame. Should you pass away while your mortgage protection insurance policy is in effect, it may pay off your mortgage in its entirety. This is a valuable gift to give your spouse, children, or anyone else who depends on you for financial support.

How Much Will You Pay for Mortgage Protection Insurance?

Many mortgage lenders offer this type of insurance at closing, but new homeowners often decline or overlook it because they don’t understand its value. After more than a decade of helping clients obtain insurance against their mortgage, we understand the factors that determine a homeowner’s rate. These include:

The current market value of your home
Your regular monthly payment amount
The current payoff amount of your mortgage
Your age and current health status
The risks inherent with your occupation

If you pass away before paying off your mortgage, the insurance company sends a check to the loan provider to cover the payoff amount. Your survivors don’t have to worry about how to make the monthly payment without the benefit of your income.

Don’t Confuse Mortgage Protection Insurance with Private Mortgage Insurance

One reason that people turn down mortgage protection insurance is that they assume they already have it. Homeowners confuse it with private mortgage insurance, which lenders require on loans over a certain amount. This protects lenders in case of default while mortgage protection insurance benefits you as the borrower.

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