How mortgage protection works

Atlanta GA

29 March, 2021

1:25 PM

Description

Mortgage protection insurance is basically a term life policy used to avoid foreclosure. It comes with living benefits in the event the home owner becomes terminally ill, critically ill, or disabled (80% of the face amount oftentimes received tax free). In the event of death the beneficiary will receive the full face amount. The policy premium provides the face value and saves the equity in the property giving the homeowner time or a refinance.