Like life insurance coverage, home loan defense policies pay out a benefit when the insurance policy holder passes away, but the beneficiary is always the mortgage lending institution - not your family or some other recipient that you get to designate. It's handy to think about home loan defense as a minimal type of life insurance coverage with more particular guidelines about who and how much is paid by the policy.

Personal home loan insurance coverage (PMI) is a coverage that…

A reverse mortgage works by enabling property owners age 62 and older to borrow from their house's equity without needing to make month-to-month home mortgage payments. As the customer, you may choose to take funds in a swelling sum, credit line or by means of structured month-to-month payments. The repayment of the loan is required when the last surviving customer abandons the home completely.

The standard loan is a falling debt, increasing equity loan, while the reverse home…

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It is not to your benefit to postpone alerting your servicer [due dates tend to be] based upon the date that the customer passed away not the date that the loan servicer was made mindful of the debtor's death." Do not be alarmed if you receive a Due and Payable notice after informing the loan servicer of the borrower's death.

The loan servicer will give you as much as 6 months to either settle the reverse home loan debt, by selling the property or using other funds, or acquire the…