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Mortgage Life Insurance Georgia

Mortgage life insurance is one of the most important life insurance policies a person who owns a home can buy. Since the ownership of this home is probably the largest investment for most people it is imperative that your investment be protected in the event.

Local Companies

Capitol City Bank & Trust Company
(404) 752-6067
562 Lee St SW
Atlanta, GA

A & C Mortgage LLC
(678) 822-0400
3042 Oakcliff Rd
Atlanta, GA

AAA Direct Mortgage
(770) 448-7796
3955 Pleasantdale Rd
Atlanta, GA

Cummings Mortgage Co.
706-295-7165
111 Bridgepoint Plaza Ste 302
Rome, GA

Countrywide Mortgage Corporation
770-414-6600
100 Colony Square, 1175 Peachtree St.
Atlanta, GA

Novation Mortgage
678-698-3557
2501 E. Piedmont Road
Marietta, GA

Option 1 Finanical
678-232-0828
2380 Buford Dr Suite 106-328
Lawrenceville, GA

1st American Capital LLC
(404) 588-5500
191 Peachtree St Ne
Atlanta, GA

American Equity Mortgage
770-955-5700
200 Galleria Pkwy SE
Atlanta, GA

Allied Home Mortgage Capital Corp.
770-939-7075
2179 Northlake Pkwy
Tucker, GA

Mortgage Life Insurance

What really is mortgage life insurance. Mortgage life insurance pays off the balance owed to the bank or mortgage company in case of your premature death. Let us assume you have a $100,000 25 year mortgage on your house. Let us also assume that after 5 years you have a balance owed of $95,000. Incidentally that figure is not as impractical as it sounds. Your principal decreases very slowly in the early years. Back to our discussion; You now believe you should take out some mortgage life insurance because you now have a new baby. What you need is a 20 year decreasing term policy which would usually be sufficient if you should die anywhere within the mortgage period. That is what mortgage life insurance is all about.

Some people add the waiver of premium benefit in case they should become disabled for at least 6 months the life insurance company will pay the premium for them. As an alternative to the decreasing term policy some policy owners use a 20 year term policy. If that person should die when there is only $50,000 owed for example, they have a little extra to put in the pockets of the beneficiary. $50,000 to the bank and the other $50,000 to the beneficiary. There is another alternative if you have some cash to play with.

Mortgage Redemption And Cancellation Insurance

Here is how this works. Let us use the above situation as an example. You are at the 5 year point just like in the mortgage life insurance example. What you do is buy a whole life or variable life insurance policy for $95,000, which is the amount owed on the mortgage. You are putting out a lot more premium but if this works right you will be happy about your decision. If you die before the mortgage is paid off the insurance policy will pay it off. Remember your whole life or variable life policy accumulates cash value. There are no guarantees, but at some time between the 5 year point and the 25 year point the cash value of your policy will be equal to the amount owed on the mortgage. You can cash out the policy or take a loan on it and pay off the balance of the mortgage. You would have redeemed your mortgage. You now own your house free and clear. Now is that not a great idea?

Click the link below to learn more about the varying uses of life insurance.

About the Author:

Donald Lusan

For more than 40 years Donald has been known for his extensive knowledge of the life insurance business. He has represented some of the largest and best life insurance companies in the United States as well as Canada. His advice is invaluable. Donald's website is: http://www.lifeinsurancehub.net

Article Source: thePhantomWriters Article Submission Service

Featured Local Company

Capitol City Bank & Trust Company

(404) 752-6067
562 Lee St SW
Atlanta, GA

Read more about Mortgage Life Insurance

- Do I have to have private mortgage insurance Georgia

Depending on your situation, there may be alternatives to expensive PMI.

- Low down payment? A piggyback loan or PMI can help Georgia
- Mortgage Basics Georgia
- Canceling private mortgage insurance Georgia
- Cash-out Mortgage Refinancing Georgia
- What You Need to Know About Private Mortgage Insurance Georgia
- Homeowner Assistance Program Georgia
- Private Mortgage Insurance Georgia
- How can I cancel private mortgage insurance? Georgia
- Cancellation of private mortgage insurance Georgia

Regional Articles

- Homeowner Assistance Program Georgia

(NC)—When life delivers an unexpected blow – like a serious illness, a marital separation or loss of employment – it can be difficult to stay on track. Sometimes, it can even put your ability to make your mortgage payments at serious risk. This scenario shouldn't mean that your home, and everything you've worked so hard to achieve, be in jeopardy.

- How can I cancel private mortgage insurance? Georgia
- Private Mortgage Insurance Georgia
- Mortgage Basics Georgia
- Cash-out Mortgage Refinancing Georgia
- Low down payment? A piggyback loan or PMI can help Georgia
- Canceling private mortgage insurance Georgia
- Do I have to have private mortgage insurance Georgia
- What You Need to Know About Private Mortgage Insurance Georgia
- Cancellation of private mortgage insurance Georgia

Related Local Event

2Nd Annual Real Estate Industry Day
Dates: 9/18/2009 - 9/18/2009
Location: Holiday Inn Decatur
Decatur, GA
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