admin answers:

Mortgage insurance or mortgage LIFE insurance? Mortgage insurance protects the lender. Mortgage life insurance protects the beneficiaries of the borrower.

admin answers:

Okay, there are two types of mortgage insurance.

First–the most common type is PMI or private mortgage insurance. This is an added fee a bank charges with your mortgage. Whenever your mortgage is more than 80% of the value of the home, your bank will charge you PMI or MI or mortgage insurance.

So your payment may look like this:
Mortgage: 1000
PMI: 100
Taxes: 200
Insurance: 50.

If you have good credit why pay the PMI or pay an extra $100? Get a no-PMI loan and you’re saving money.

Now there’s another type of mortgage insurance also called mortgage protection insurance. This is simply a term life policy designed to pay off your mortgage should the primary earner pass away. Most of the time a family will lose the home if a primary earner dies. Simply match the value of your home to the term life policy and you’ll never have to worry about “what will happen to the home” should XYZ happen. Hope this helps!

Http://www.mylendingplace.com

http://www.texastermlife.com

admin answers:

As long as the money came through a claim with the insurance company, and it was used to fix or repair the home, you do not have taxable income from that. It does not go on your return.

admin answers:

Considering the mass mailings I get since I bought my house I’d have to say that you wouldn’t get paid jack in commissions. You’d have to make up for the lower payouts with A LOT of sales volume.

Admitedly every company is defferent and would have differing levels of payouts for 1st year and then residuals, your better off just going ahead and getting an Life, Health Accident license and then go join some big insurance company (or even a supplemental insurance company).

In theory the policy may be good for the first couple of years for the insured but over the long term they (and you) would be better off if you sold them a regular Term insurance policy (or in some situations a Permant Policy).

admin answers:

Lenders don’t technically pay the MI – it’s a form of paying it up front. But you’re smart for wanting to explore all your options. Check out the link for more details – our version is referred to as PMI Buster.