Real Estate Professional Network

What is Mortgage Protection? It's definition is protection against the loss of income that would result if the Homeowner passed away and the home is at jeopardy of foreclosure. The named beneficiary (usually the spouse or partner) receives the proceeds and is thereby safeguarded from the financial impact of the death of the insured and is able to pay the home off in full.

The goal of mortgage protection is to provide a measure of financial security for your family after you die.

Additional benefits offered with a Mortgage Protection plan.

Return of Premium - outlive your term and receive your entire premium paid back.

Disabilities - Become disable and receive funds to pay your mortgage payment.

Critical Illness - Receive up to 50% of your benefit in advanced while still living.

Waiver of Premium - Disable or unemployed and your premiums will be paid.

Accidental - Death by accident and your beneficiary receives additional benefit.

So, before purchasing Mortgage Protection, you should consider your financial situation and the standard of living you want to maintain for your dependents or survivors.

For example, who will be responsible for your funeral costs and final medical bills? Would your family have to relocate? Will there be adequate funds for future or ongoing expenses such as daycare, mortgage payments and college?

Also, available is a Critical Period Option. This will be enough money to cover the mortgage payment for 2 to 5 years. This wonderful option gives your family the opportunity to pay the mortgage payment opposed to the mortgage company foreclosing on your property and leaving your family without a home. This allows you to have a lower premium yet still protecting your family.   If your clients have a question on how to protect their mortgage, I hope you will have them give me a call. 

Thank you,

Danny Dean

Exit Realty Diversified

615-238-7277

109 Kenner Ave., # 100

Nashville, TN 37143