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Jeff Fleming
Will My Family Lose Our Home If I Die Without Mortgage Insurance?
Question:
I do not currently have mortgage insurance, because it was prohibitively expensive. If I pass away without it, what will happen to my home? Will my four sons be able to keep my home and sell it at their convenience?
Answer:
Like most people, I consider life insurance, including mortgage insurance, an unfortunate necessity. You want all of the life insurance you can get -- you just don't want to pay for it.
Mortgage insurance is specifically designed to pay off the remaining amount of your mortgage if you were to die with principal left unpaid. This may be extremely important if you are the primary breadwinner in your family. Without the insurance, your spouse or heirs may only have a couple of choices in regard to the mortgage balance.
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