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When buying Mortgage Insurance- What to Consider?
1. Who will be the owner of the policy? You or the Bank?
2. Can you change lenders at later date without worrying about the mortgage insurance?
3. Who will be the beneficiary of this policy? Your heir or bank?
4. Does the coverage reduce over time as the balance of mortgage decreases with time? Or does the coverage stays the same?
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Disadvantages of PMI |
Disadvantages of PMI
* A long-term decline in the economy could possibly negate the short-term advantages of the real estate investment if the property significantly decreases in value.
* With private lending, you are subject to state and federal laws that place a restriction on the amount of interest you earn.
* Private mortgage lending in general is a high risk investment because you are dealing with people who for one reason or another cannot secure a mortgage with a conventional lending institution.
* Private mortgage lending is considered issuing a Security on the state and federal level and you could face the possibility of running into complications with the SEC.
* The borrower may have a poor credit history and plan to refinance with a conventional lending institution.
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FREE Benefits – Each Policy comes with following benefits at NO Cost
- Terminal Illness Benefit - An interest-free loan may be provided for an insured who becomes terminally ill. The total loan can be up to $250,000 or 75% of the total amount of the life insurance on that insured, whichever is lowest.
- Legal Link Advice - Access certain free and discounted legal services in your area. Connect with lawyers for help with a variety of issues including wills, home ownership and family law.
- Orphan Benefit - A monthly payment for orphans, which pays $900 per month per child to the legal guardian for children under 18 upon the death of both Parents.
- Competitive Scholarship Benefits - to qualifying insured kids for higher studies, worth upto $11,000. Also available - Orphan Scholarships - the scholarship benefit that provides the children of deceased insured with a renewable higher learning scholarship of up to $6,000 per year for up to four years to cover tuition and maintenance, to learn more -- discuss with our licensed advisor.
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| In case you have any specific question or concern please feel free to contact us and one of our licensed life insurance advisor will be more than happy to assist and answer your questions. |
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