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What happens to my mortgaged property if I die during I'm paying it?

myphilamlife · 13 · 13066

myphilamlife

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Quick question to real estate brokers and agents? How do you help or take care of your clients in case during the time they were paying the properties they bought from you, they die or become disabled? What would become of the property they bought if the remaining family members are unable to pay for it anymore?

Do we have security measures for this?


nightwatch

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« Last Edit: Jun 13, 2010, 05:24 AM by nightwatch »


mxherr5

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Yep, Pag-Ibig also has its own MRI


sneaker23

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Quick question to real estate brokers and agents? How do you help or take care of your clients in case during the time they were paying the properties they bought from you, they die or become disabled? What would become of the property they bought if the remaining family members are unable to pay for it anymore?

Do we have security measures for this?


MRI.



freefront

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If you have existing life insurance policies, use it in lieu of MRI.

O magpagawa ng proposal na katumbas ng ibabayad mo sa MRI for your paying period. Premium to premium, paying years to paying years.

Has anyone done this? I am very curious since I haven't gotten any mortgage loans yet. Is it practical?


carlito

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Pag sa Pag-ibig Fund, pag meron ka MRI, pag namatay yung main or principal borrower, hindi na yun itutuloy ng asawa or family niya yung monthly amortization.

Sa kanila na yung House and Lot. Wala na sila babayaran sa Pag-ibig Fund.


asiantribe

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Tama po MRI would answer for the remaining mortgage when the principal borrower dies at magiging paid na property na naka mortgage. The monthly amortization should be updated though, it is presumed that the buyer has not defaulted on his payment.


nightwatch

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freefront

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^True. It gets very practical only if there is already an existing policy or you if don't have a life insurance yet. It is the same beef I have with term life. No equity for you on the MRI, so why pay for 2 policies when one will work just as well. If you maintain a life insurance anyway, it reverts to your original benificiaries once the loan is paid off.


mcbgwapings

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it is important that you buy a Mortgage redemption insurance. The Insurance will pay for the balance if bad things happen to you


Antonio

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I find the members of this forum very compassionate and help each other in every way possible.I have got a similar question, so before i post it I have got its answer. Works for me and i am sure it also works for many others who are searching for answers like this.The discussion is very informative and the case discussed is very real not hypothetical. the suggestion given by the participants are very practical in nature.


bankrupcyus

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With so many banks not wanting any more foreclosures you would be crazy to not attempt to work out some kind of deal. Opening the lines of communication between you and your lender can actually keep you in your home and salvage your credit rating.
Do we have security measures for this?


photoaddict

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Yes. I agree with all the answers that members posted on this thread.

Mortgage Redemption Insurance (MRI). This is a type of insurance that you need. Usually, the value of the MRI that you need would be somewhat equal or a little bit higher than the loan amount that you would take out from the lender (bank/in-house). This will answer your outstanding loan and pay for the property, so that what ever happens to you, your heirs/family member would not need to worry, where they would get the fund to pay-off your loan. This will prevent the lending institution from foreclosing your property.

There are two types of MRI.
1. Decreasing - this is computed based on the monthly amortization of your loan. The value of your insurance goes down parallel to your loan amount.

2. Fix amount of loan - this is based on the initial loan take-out. The value of the insurance, stays constant (based on your loan take-out) through out the entire term. This is more expensive compared to the decreasing mri, but is an advantage also, since even though your outstanding loan decreases, when something happens to you, you still get the whole amount (based on the initial loan take-out) to pay-off your outstanding loan and the excess will be also give to you to take care of your other needs.

- do you know, that the mri is a kind of term insurance?
- do you know, that you can renew and convert the mri (term insurance) into wholelife insurance? this will save you from the two year contestability period.
- do you know, you can use your existing life insurance as your mri? (you just assign). but there are some disadvantage. Because when you use your life insurance as your mri, when something happens to you, you only get to claim the insured amount. Which means that you have to fit all expenses within your insurance. :)

You can also opt to get your own mri from your trusted insurance company.
You can also get it from me. Happy to Serve!


 


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