Advice, Please


6 comments posted
Sounds like a waste of money

Sounds like a waste of money IMO. We didn't get it when we bought our house. Although, we did buy:

- Home insurance
- Rental insurance (for our stuff, since we own a 4plex)
- Life insurance

I think one of these would be enough to cover the mortgage if things don't work out.

This is just IMO. I would do a little more research before you make a decision.

Posted by J. (not verified) on Thu, 11/20/2008 - 11:48
Get life insurance that will

Get life insurance that will cover the amount of the mortgage. As you pay down the mortgage, the amount of the life insurance stays the same. With mortgage insurance, it only covers what you still owe (when god-forbid-you--kick-the-bucket). Life insurance is usually a better deal too -- lower monthly premiums. It's just more invasive to apply for it -- they send a nurse to do a medical check-up. Mortgage insurance is good for people who might have medical conditions that could get them rejected from regular life insurance. Yes, the insurance industry is pure evil, but you might as well get the best deal you can. I can give you the number for the broker I use,d if you want.

(When did I become a person with an insurance broker? WTF?)

Posted by Ariel (not verified) on Thu, 11/20/2008 - 13:52
Don't buy it. But get life

Don't buy it. But get life insurance.

Your Other Mother

Posted by Grace (not verified) on Thu, 11/20/2008 - 14:15
Go for the life insurance.

Go for the life insurance. Way cheaper compared to mortgage insurance. My insurance is like 85 a month compared to 35 a month to cover both Steph and I, and yes, the amount covered does not go down with the mortgage. If I wasn't such a procrastinator it'd be done already. I am, however, insured out the wasou anyway. So I'm not too worried.

Posted by Dave (not verified) on Thu, 11/20/2008 - 20:48
I had it for the first term

I had it for the first term just to be "sure," plus I have a dependent. Now that I've renewed my mortgage, I cancelled the mortgage insurance. I keep the life insurance going though. I'm not against mortgage insurance, however in your case, it's not like you need someone there to have the house paid off and still be able to live there. If there's someone else in the house who doesn't want to have to move, that's another story. But as a single dweller with roommate, I wouldn't worry about it. Unless it pays it off in the even that you're disabled. That's a different story.

Posted by Jamine (not verified) on Fri, 11/21/2008 - 17:09
Thanks everyone! I've poked

Thanks everyone! I've poked around on the web, but most of the info available is from people who are trying to sell you the stuff!

Posted by megan on Sat, 11/22/2008 - 10:38