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What is Mortgage Protection insurance?
Mortgage protection insurance is an insurance policy that pays off the remainder of your mortgage if you pass away or if you become disabled and can’t work. In that way, it functions similarly to life insurance and disability insurance. Unlike those types of insurance, however, the payment does not go to you or your heirs but goes directly to your mortgage lender to pay off the loan.
Generally, MPI policies — which can often be purchased from banks and mortgage lenders — only cover the principal and interest portion of a mortgage payment. That means other fees like HOA dues, property taxes and homeowners insurance would still be your responsibility. You might be able to add a policy rider, however, to cover these expenses.
As you pay off your mortgage, the insurance payout decreases, but your premiums stay the same. For many, this is a major drawback of MPI. Still, these types of policies can be easier to get than life insurance because there’s no requirement for a medical evaluation.
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The Cintron Insurance Way To Cover Your Mortgage Protection
Unlike Many other Traditional Mortgage Protection Plans Ladders allows you to increase or decrease your coverage over time. So if you buy a new house and need more coverage, no problem, or as you pay your mortgage off over the years, you can lower you coverage amount to save money each month, unlike many other that lock you in at a higher rate for 15, 20 or 30 years.
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Use the button below to find your rate if you are age 60 and under. Our agents are standing by to help you find the perfect policy if you are above age 60.
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Mortgage Protection
Many financial experts will tell you some unforeseen events and a lack of the right kind of insurance can spell trouble quickly. Most households rely on two incomes to afford their mortgage. Call us today, and we'll analyze your insurance needs and get you covered quickly at the right price to insure if you don't make it home tomorrow, your family will not face a foreclosure and we can help them protect the equity built into the home you worked so hard to make your own.
Mortgage Protection Insurance
If you were to pass away today, how long could your family financially afford to stay in your home and maintain the mortgage payments? Taxes? Insurance? Maintenance?
Mortgage protection insurance is a perfect solution to insure if something unforeseen happens to you, they can afford to stay in the home without the financial strain.