Your mortgage is probably your biggest monthly expense. A mortgage will not be considered paid when you die. When you die, your mortgage loan will be passed on to your beneficiary or co-borrower, which means that your beneficiary will still have to pay the mortgage loan balance. If a borrower dies before the mortgage is paid off, the estate may pay off the mortgage. If the money in the estate is not enough, the beneficiary may sell the house and pay the loan balance. If your beneficiary is unable to pay the balance, the lender may sue your beneficiary or co-borrower and your home may be repossessed. Whatever the case may be, it will be a huge financial burden to your loved ones if you do not have a cover in place. Therefore, if you have a mortgage and you have dependents it is important to have financial planning and Mortgage Protection in place, so your family can continue to live in your home even after you die
Mortgage Protection is designed to pay off the mortgage loan in the event of the borrower’s death. Mortgage Protection will pay out a lump sum that would cover repayments for the outstanding mortgage. It will give you peace of mind that your family won’t be financially burdened and can continue to live in your home even after you die.
Mortgage Protection may not be easy to understand. It is best to have a financial advisor who can search the whole of market to find the best options for you. Don’t let everything you worked hard for go to waste. Protect your home, so your family can enjoy the home you have worked hard for.
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