Mortgage insurance is a wise move. If something happens to you, your spouse will be protected by having mortgage insurance. The house will be paid and your family financial security will be a little better. Or, if you have mortgage insurance that is triggered by a defective or unable to work, then you and your spouse are both covered, if something bad should happen.
Memorial for Mary Jones
Mortgage insurance is exactly a good idea that many mortgage companies, even some of them, insist on it. It is prudent on the part of the mortgage company because it provides them with additional security, and make it easier for them to justify you lend money to your mortgage. From business perspective it's really only makes sense both for you and for them.
Take, for example, the case of Mary Jones. Maria and her husband Tom worked hard to get together a down payment to buy a house. They had three sons and Tom and Mary decided that they would both prefer that she stay home with the kids and quit his job. Tom has a good job and good salary so it does not become a burden. However, Tom was tragically killed in a car accident. Maria is left alone to support a family without income. Fortunately Tom had adequate life insurance and mortgage insurance he has.
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Maria received a check from the life insurance company large enough to support themselves and their children until adulthood, and another check he used to pay off the mortgage on the home, from mortgage insurance companies, which took all the biggest monthly debt he must pay and provide family security really have a place where they live. They no longer have to worry about making house payments. Mortgage insurance take care of that for them.
Maria is not a unique case. Each year in America thousands of people rely on mortgage insurance when an unexpected tragedy occurs. Mortgage insurance seems like a burden to those who pay until they think about the amount of protection provided. Mortgage insurance is one thing that you are very happy to have when you finally need it. Have mortgage insurance, for many families, has made all the difference in safety, in having a roof over their heads, and know that their future is safe.