does fha mortgage insurance cover death
Chris Gummerson (cgummerson11)
#397 ranked lender in California - 648 contributions
No, the mortgage insurance covers the lender in case of default.
Michelle Curtis Loan Originator NMLS 401173 (MichelleCurtisLO)
#77 ranked lender in Florida - 2,245 contributions
No, you can get a separate insurance policy to cover that.
Justin Murray (JustinMurray)
#100 ranked lender in Illinois - 172 contributions
No. FHA Mortgage Insurance covers the lender in the event that you default on the repayment of the loan. You are looking for what the Insurance Industry calls Mortgage Protection aka Term Life. It is a simple insurance policy that pays a predetermined amount in the event of the death of the person insured. Typically you take out the policy in the amount of your mortgage and on the person who is the main bread winner in the family. Feel free to contact me if you have any other questions.
Patty Harrison (PattyHarrison)
#92 ranked lender in Illinois - 64 contributions
No, it only covers the lender. You would need a separate insurance policy for that. If you need a referral, please email me and I would be happy to help.Best regards,Patty Harrisonwww.smartmortgageinc.com630-854-3459
Barclay Butler (Barclay)
#83 ranked lender in Illinois - 89 contributions
No it does not, it for the lender in case you default on your loan. Barclay Butler. 224-420-9990. bbutler@barclaybutlerfinancial.com. Call or email me if you have any further questions.
Jericho Cherry (Jerichocherry)
#54 ranked lender in Virginia - 1,107 contributions
No, it only covers the lender if you default on the loan.
Mike Silkworth (msilkw_195_870)
#29 ranked lender in Michigan - 531 contributions
No - the best way to think of Mortgage Insurance is that is money you pay to protect the Lender only if you default on your loan. In exchange for you paying Mortgage Insurance, lenders are willing you finance your home with less than 20% equity.
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