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luckydriver

is it possible to buy mortgage insurance

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if 2 people want to buy a house but get insurance thru the mortgage company that pays off the mortgage if one of them dies, does this exist? 

 

this is outside a traditional life insurance policy and meant specifically for the mortgage. its akin to buying life/disability insurance with the auto loan at the dealer. 

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You basically would want a term life insurance policy that names each other as the beneficiary.  My ex and I had one for the first house in Austin.  I forget what we were paying, but it was less than $300 a year for the two policies on a house that had a mortgage of roughly $125K. 

 

The juice on a term policy will likely be less than ANYTHING the mortgage company might be willing to offer AND it affords the beneficiary some options in the event that the policy ever had to be cashed in. 

 

Oh, and when ex and I split up, I got a decently-sized refund check after I closed out my policy. 

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Posted (edited)

i should have been more specific. one of the parties is 78 and they wanted to avoid a traditional purchase of insurance and instead buy something that is part of the mortgage process.  the sole purpose of this would be to keep the 2nd person in the house without a mortgage after the 1st person dies

Edited by luckydriver

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