Banks protect themselves. Are you doing the same with mortgage protection?
Congratulations on that new home purchase! You’ve accomplished a big step by having what some say is the “American Dream”.
It takes many months of hard work to get here. First you have to qualify for a mortgage, then go look at what seems like a 1,000 properties. Find the one you like, go through the never ending paperwork. Finally get the to your own home!
Now comes even more work :
I’m sure the list goes on and on. Tired just writing and thinking about all the little details. After you’ve settled in, you’ll probably start receiving what seems like never ending letters about something called “Mortgage Protection”.
You might say, well I’ve already got that when I got the mortgage. Something called PMI.
According to this article in the Miami Herald PMI, which stands for Private Mortgage Insurance, will only protect the lender if you default on the loan.
Who's going to cover your mortgage payments if something happens to you?
In other words, the bank is protecting itself if you start missing payments, they’re covered. Have you ever thought about how your family will be able to continue making mortgage payments, pay off the mortgage or keep paying for bills if you pass away or become ill?
All these letters about “mortgage protection” are really about “lifestyle protection” for you and your family. And I know it might be daunting receiving so many letters that you might just not do anything. The best thing to do is to make an informed decision that can be there for your family when needed the most.
Having a mortgage is a big financial responsibility, for many, it is their biggest asset. It only makes sense to have peace of mind that your family can continue living in that home, if something happens.
We work with residents in Florida, and can provide you with information so that you can decide how to go about getting this “mortgage protection”. This is something affordable that you should not be without.
Also published on Medium.