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Daria Scott | The Oak Agency Blog

Wednesday, November 18, 2020   /   by Daria Scott

What is Mortgage protection? And why do I need it?

For many of us, our home is our biggest investment. Losing a breadwinner can wreak family’s finances — and their ability to stay in the home they love.
So, what’s the best way to protect your home in case something happens to you? Here are two options: mortgage protection insurance and traditional term life insurance.
 
Mortgage protection insurance
If you’ve recently closed on a mortgage or home equity line, you’ve probably should consider thinking about protecting your assets.
Mortgage protection insurance (MPI) is a type of life insurance designed to pay off your mortgage if you were to pass away — and some policies also cover mortgage payments (usually for a limited period of time) if you become disabled.
Note: Don’t confuse MPI with private mortgage insurance (PMI), which protects the lender if you default on the loan. With PMI, your family would still owe the balance of the loan if you passed away.
 
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The Oak Agency
Deborah Puleo
7750 Okeechobee Blvd , Ste 4-331
West Palm Beach, FL 33441
561-268-6200

All listings featuring the RPBGFL MLS logo are provided by the Realtors of the Palm Beaches and Greater Fort Lauderdale, Inc. and BeachesMLS, Inc. This information is not verified for authenticity or accuracy and is not guaranteed. Copyright 2018 Realtors of the Palm Beaches and Greater Fort Lauderdale Inc. and BeachesMLS, Inc.
All listings featuring the RPBGFL MLS logo are provided by the Realtors of the Palm Beaches and Greater Fort Lauderdale, Inc. and BeachesMLS, Inc. This information is not verified for authenticity or accuracy and is not guaranteed. Copyright 2018 Realtors of the Palm Beaches and Greater Fort Lauderdale Inc. and BeachesMLS, Inc.
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