All Topics > Real Estate Resources > Mortgage Life Insurance >

Mortgage Life Insurance Massachusetts

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

JPMorgan Chase - Home Mortgage
(617) 429-2059
400 Blue Hill Drive, Ste. 190
Westwood, MA

Pioneer Financial Group
(617)8686300
1972 Massachusetts Avenue
Cambridge, MA

Omnify Software
978-988-3800
10 New England Business Center Drive
Andover, MA

First Call Mortgage Company
603-247-2885
100 Brickstone Square
Andover, MA

Emerson Lending
978-264-4803
179 Great Road
Acton, MA

American Honda Finance Corp
(413) 567-0844
171 Dwight Rd
Longmeadow, MA

MetLife Home Loans
508-667-2981
586 Kelly Boulevard
N. Attleboro, MA

SB Mortgage Group Inc
508-407-5430
206 Southbridge St
Auburn, MA

American Mortgage Resource, Inc.
(617)9728588
62 Mount Auburn Street
Watertown, MA

First Eagle Mortgage
978-777-7767
44 Maple Street
Danvers, MA

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

JPMorgan Chase - Home Mortgage

(617) 429-2059
400 Blue Hill Drive, Ste. 190
Westwood, MA

Read more about Mortgage Life Insurance

- What You Need to Know About Private Mortgage Insurance Massachusetts

PMI lets you buy a house with less than 20 percent down -- in exchange for higher payments.

- Mortgage Basics Massachusetts
- Cancellation of private mortgage insurance Massachusetts
- How can I cancel private mortgage insurance? Massachusetts
- Do I have to have private mortgage insurance Massachusetts
- Low down payment? A piggyback loan or PMI can help Massachusetts
- Private Mortgage Insurance Massachusetts
- Canceling private mortgage insurance Massachusetts
- Cash-out Mortgage Refinancing Massachusetts
- Homeowner Assistance Program Massachusetts

Regional Articles

- Canceling private mortgage insurance Massachusetts

Have you built up a fair bit of equity in your home? You may qualify to cancel private mortgage insurance and save hundreds, or even thousands, of dollars a year.

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

Related Local Event

Urban Land Institute Spring Council Forum
Dates: 4/14/2010 - 4/16/2010
Location: John B. Hynes Veterans Memorial Convention Center
Boston, MA
View Details

Advertising	Food & Beverage	Nightlife
Business Services	Franchise	Online Database
Career	Health	Pets
Cars	Holidays	Real Estate Resources
Computer Hardware	Home Appliances	Retail & Consumer Services
Construction	Home Electronics	Software
Education	Home Services	Technology
Entertainment	Industrial Goods & Services	Telecommunications
Environmental	Insurance	Trade Shows
Family	Internet	Travel
Fashion	Legal	Weddings
Financial Services	Miscellaneous	World History

Advertising	Family	Home Services	Real Estate Resources
Business Services	Fashion	Industrial Goods & Services	Retail & Consumer Services
Career	Financial Services	Insurance	Software
Cars	Food & Beverage	Internet	Technology
Computer Hardware	Franchise	Legal	Telecommunications
Construction	Health	Miscellaneous	Trade Shows
Education	Holidays	Nightlife	Travel
Entertainment	Home Appliances	Online Database	Weddings
Environmental	Home Electronics	Pets	World History