Mortgage Insurance
Many homeowners take out mortgage insurance through their banks as protection for their families and their property. However, a limitation of mortgage insurance is that the amount of the benefit is tied directly to the amount of your home mortgage, and all funds are paid out to the bank.
An option to consider in place of traditional mortgage insurance is a stand-alone, life insurance policy. This type of insurance plan functions as mortgage insurance but with more flexibility. It provides a tax-free benefit to your family that will allow them to pay off the mortgage balance and keep any funds that may be left over.
Interested in learning more about options for mortgage insurance?
Get in touch with our office today.