PMT Forum
How do you want to make money today?

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

myphilamlife · 13 · 13407


  • Junior Member
  • **
    • Posts: 37
    • Likes Received: +0/-0
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?


  • Forum Master 300
  • ***
    • Posts: 371
    • Likes Received: +0/-0
« Last Edit: Jun 13, 2010, 05:24 AM by nightwatch »


  • PMT Idol 1000
  • ****
    • Posts: 1,407
    • Likes Received: +0/-0
Yep, Pag-Ibig also has its own MRI


  • Forum Tambay 200
  • ***
    • Posts: 243
    • Likes Received: +0/-0

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?



  • VIP 4500
  • *****
    • Posts: 4,888
    • Likes Received: +9/-0
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?


  • Senior Member
  • **
    • Posts: 98
    • Likes Received: +0/-0
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.


  • Junior Member
  • **
    • Posts: 39
    • Likes Received: +0/-0
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.


  • Forum Master 300
  • ***
    • Posts: 371
    • Likes Received: +0/-0


  • VIP 4500
  • *****
    • Posts: 4,888
    • Likes Received: +9/-0
^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.


  • Newbie
  • *
    • Posts: 2
    • Likes Received: +0/-0
it is important that you buy a Mortgage redemption insurance. The Insurance will pay for the balance if bad things happen to you


  • Guest
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.


  • Junior Member
  • **
    • Posts: 37
    • Likes Received: +0/-0
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?


  • Junior Member
  • **
    • Posts: 33
    • Likes Received: +0/-0
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!


PMT Shoutbox

Refresh History
  • Post only questions or comments here. Advertisements NOT ALLOWED.
  • jprios: May contact ba kayo kung sakali?
    Yesterday at 06:11 PM
  • jprios: Sino pwedeng mahiraman dito?
    Yesterday at 06:09 PM
  • kfg52: Present!
    Sep 15, 2019, 07:26 PM
  • juju31: san po ba may nag papahiram dito
    Sep 14, 2019, 07:18 PM
  • juju31: hello
    Sep 14, 2019, 07:18 PM
  • FutureGizmo: Thanks julz! Medyo ganun nga trabaho namin ngayon, to monitor spam posts kasi ang daming spam bots. But thanks for reporting. Auto-ban agad ang spammers sa amin haha
    Sep 07, 2019, 12:17 PM
  • julz: @FutureGizmo si @nikkikv18 just posted more than 10 posts about porn sites. hay, spam.
    Sep 03, 2019, 01:05 PM
  • Cid_brent: sino po dyan pwede magbigay send ng paypal funds and I will pay you using gcash?
    Aug 25, 2019, 08:58 PM
  • Meghan91811: Sino po may alam about Rice Farming...
    Aug 25, 2019, 07:44 AM
  • roselove: hello po sa inyo... newbie here
    Aug 06, 2019, 03:31 PM
  • Niel Jhacoubs: Sino palaging active dito?
    Jul 30, 2019, 04:15 PM
  • dagocjasonrey: Anong update dito?
    Jul 22, 2019, 08:49 PM
  • mark_Lee: anong bago dito
    Jun 28, 2019, 01:03 AM
  • mark_Lee: balita
    Jun 28, 2019, 01:03 AM
  • Lovelyprincess72: hi everyone , I'm newbie here
    Jun 27, 2019, 02:36 PM
  • Niel Jhacoubs: Musta?
    Jun 26, 2019, 01:43 PM
  • Forexanalysis: Hello
    Jun 25, 2019, 06:33 PM
  • Niel Jhacoubs: Hello sa mga online jan! :)
    Jun 15, 2019, 02:58 PM
  • oragon: :applause:
    May 20, 2019, 03:53 PM
  • FutureGizmo: Thank you for reporting those spam posts, oragon! Spam posts now deleted.
    May 20, 2019, 01:59 PM
  • oragon: Admin kindly monitor some peps! posting and sharing inappropriate nude photos and website links
    May 20, 2019, 01:52 PM
  • @culinary10: Hello I am new here! Regarding sa bdo life insurance for 8 years, pwede pa kaya ma refund yung binayad ko na 50k last year? Gusto ko sana icancel kasi lack of financial na, last may 15 2018 po un nag start ako ng life insurance, pinili ko annually kaso etong may 15 2019 wala nako ma ipay so gusto ko sana icash out, may alam ba kayo kung pano marerefund?
    May 17, 2019, 07:56 PM
  • FutureGizmo: Hi Sonny, the posting issue is now resolved. Thanks for informing us! We're currently testing a new, mobile-ready theme so let us us know kung may problema pa sa Forum. :)
    Apr 04, 2019, 10:40 AM
  • sonny.wapak: Nakaka receive din ba kayo nito pag gawa ng new post? "Please try again. If you come back to this error screen, report the error to an administrator."
    Apr 03, 2019, 10:56 PM
  • leonine_zafiro: what product nun?
    Apr 01, 2019, 10:25 PM
  • dhondiex27: hi
    Mar 30, 2019, 10:55 PM
  • lusart: jayrob i agree 200%. hulog ng langit organico. legit na legit
    Mar 29, 2019, 09:08 AM
  • palemelch: Hi
    Mar 28, 2019, 04:08 PM
  • O.C.W._AK: Magandang Araw sa Lahat! Blessings! (",)
    Mar 28, 2019, 08:42 AM
  • thor15: hello everyone, newbie here
    Mar 25, 2019, 01:47 AM
  • captjaylo: present newbie here
    Mar 22, 2019, 10:06 AM
  • balboagilbert26: hello Guys .. Newbie here
    Mar 21, 2019, 10:55 PM
  • businesswoman2019: @jefsanity nag inquire na po ako pero di sila nagdidisclose. Yung branch po kasi na target ko, currently building pa.
    Mar 21, 2019, 04:27 PM
  • jefsanity: @businesswoman2019, much better inquire ka na lang sa admin nila.
    Mar 21, 2019, 01:51 PM
  • businesswoman2019: Hello! Any idea how much ang stall sa waltermart. 2m x 2m
    Mar 21, 2019, 08:28 AM
  • John Neil: Looking for an accredited iron foundry
    Mar 17, 2019, 03:19 PM
  • jayrob: Mark_Lee ung organico legit po yan..  Member din AQ..
    Mar 17, 2019, 12:57 AM
  • perlymelad: Hello po! Need advice, why my new MLM leaders failing?
    Mar 14, 2019, 08:51 PM
  • perlymelad: Present
    Mar 12, 2019, 07:53 PM
  • kennethmauricio: Hi saan po dito pwede mag post ng for sale properties?
    Mar 11, 2019, 07:58 PM
  • jefsanity: @mark_lee isipin mo anu passion mo at skills mo...
    Mar 11, 2019, 06:52 PM
  • sniperaj09: BAGO LANG
    Mar 10, 2019, 11:16 AM
  • mark_Lee: magandang investnent ngayon sa 30k suggest naman keo mga boss
    Mar 10, 2019, 03:07 AM
  • perlymelad: E-BOOK PO SIR @JEFSANITY
    Mar 09, 2019, 05:40 PM
  • perlymelad: @jefsanity Good Morning Po
    Mar 09, 2019, 05:39 PM
  • perlymelad: Good Day everyone
    Mar 04, 2019, 06:24 PM
  • jefsanity: anu ang small business na yan?
    Feb 28, 2019, 07:40 PM
  • perlymelad: Good Day Everyone
    Feb 28, 2019, 03:31 PM
    Feb 28, 2019, 06:58 AM
  • perlymelad: Present, 1st time po
    Feb 25, 2019, 06:17 PM