03/29/2022
๐ Do you know the difference between Private Mortgage Insurance (PMI) and Mortgage Protection Insurance?
If you donโt thatโs why I am here, and if you thought they were the same thing, you are not alone!
in fact It's not uncommon for homeowners to mistakenly think that PMI will cover their mortgage payments if they lose their job, become disabled, or die. But this belief isn't correct. PMI is designed to protect the lenderโnot the homeowner. On the other hand, mortgage protection insurance ๐๐๐๐ cover your mortgage payments if you lose your job or become disabled, or it will pay off the mortgage when you die.
๐๐ซ๐ข๐ฏ๐๐ญ๐ ๐๐จ๐ซ๐ญ๐ ๐๐ ๐ ๐๐ง๐ฌ๐ฎ๐ซ๐๐ง๐๐ ๐ด๐พ๐ด ๐๐๐ผ will reimburse the mortgage lender if you default on your loan and your house isn't worth enough to repay the debt in full through a foreclosure sale. It is required on a loan if you donโt put 20% down. In a nutshell the ONLY party benefiting from it is your Lender! ๐
๐๐จ๐ซ๐ญ๐ ๐๐ ๐ ๐๐ซ๐จ๐ญ๐๐๐ญ๐ข๐จ๐ง ๐๐ง๐ฌ๐ฎ๐ซ๐๐ง๐๐ ๐ด๐พ๐ด ๐ ๐๐๐๐กโ๐๐๐ ๐ผ ๐๐ ๐๐๐๐ธ๐
๐๐๐ ๐ ๐๐๐๐๐ก๐ ๐๐๐๐ข๐ก, is there to protect you and your loved ones when you need it the most! This insurance typically covers your mortgage payment for a certain amount of time if you lose your job or become disabled, or it pays it off when you die. Unlike PMI, it protects YOU the borrower! ๐๐ป
๐ Want to learn more about this amazing insurance and how you can ensure your loved ones are protected when they need it the most? Call me or message me today and letโs chat!
