Mortgage Insurance Question
Question: Can I take out insurance for $100,000.00 if my mortgage is only 50,000?
Yes, you can take out insurance for any amount that a company will offer
you. It is called "mortgage" insurance simply because a lot of people buy it
in case the husband or wife die leaving only one person to make the monthly
mortgage payment.If you were taking the insurance to pay off all debts if
one spouse should die, you could call it "debt" insurance.
Yes, you can take out insurance for any amount that a company will offer
you. It is called "mortgage" insurance simply because a lot of people buy it
in case the husband or wife die leaving only one person to make the monthly
mortgage payment.If you were taking the insurance to pay off all debts if
one spouse should die, you could call it "debt" insurance.