We’ve purchased a 200K piece of property & need to have either mortgage insurance or term life to protect me. My husband is 67 yrs. old & I am 65 yrs. old. We can’t find anyone to insure us for enough money. Does anyne know what alternatives we have? Some insurance companies only insure up to age 65 & others will only go up to 50K which is not enough to cover the property. Others only cover you until age 80 & we would like a 20 yr. policy.
Home | Insurance | Blog article: we just purchased a 200K piece of property. My husband is 67 yrs. old & we need either mortgage insurance or t
aaron p 2:39 pm on August 24, 2010
Most agents should know how to structure a plan that looks like term insurance for your needs (ie. lowest possible level guaranteed premium, no accessible cash value, coverage terminates at a specified period of time). Unfortunately, there is a large knowledge gap in our industry because it is so complex. What state are you in? Email me and I’d be happy to help.
PK 2:39 pm on August 24, 2010
I just saw another question on reverse mortgages and it be helpful to you. Please go to this link on wikipedia describing what a reverse mortgage is and see if it will help. One warning, please be very careful when looking for a reputable provider and do all your research on the terms and conditions. Some have criticized these as predatory lending. Also, since you and your husband both live in the home, you should be careful about including both and not just sole borrowers since you don’t want to be evicted if one of you passes away. Consult a professional (and not just the mortgage brokers that want to sell you these things).
The wikipedia content will give you some general information on reverse mortgages.
http://en.wikipedia.org/wiki/Reverse_mortgage
mbrcatz17 2:39 pm on August 24, 2010
OK, you need a high risk broker. At your ages, you’re going to pay A LOT for this. I mean, maybe 50% of face value. It’s going to be CHEAPER to just put the money off to the side.
But a high risk broker should be able to get you insurance.
The problem is, I doubt you’re going to want to pay the cost. Statistically, the policy will end up paying out, so the odds are going to be in the insurance company’s favor, hence the high pricing.
zinta l 2:39 pm on August 24, 2010
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rakesh m 2:39 pm on August 24, 2010
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Mark S 2:39 pm on August 24, 2010
I would like to help by sending an agent out to you, but would need to know the city and state so I could contact someone there. The company is Primerica. The agent would fill out a complete financial survey with you and then finish with insurance. There is NO cost and we would be able to help with your situation. Email me for more info.