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It sounds simple—your mortgage gets paid off if you pass away. But how exactly does that work, and where do people get confused?
- How It Pays Out: Your family (beneficiary) gets the check, not the bank.
- Term Length Options: Tailored to match your mortgage term (e.g., 15, 20, or 30 years). Give your family time to grieve and figure out their next steps by paying off your entire mortgage, half the mortgage or just paying those first few months during the most critical time.
- Fixed vs. Decreasing Benefit: Some policies reduce in value as you pay down your mortgage.
- Add-On Options: Disability waivers, critical illness riders, return of premium.
There’s no one-size-fits-all. I’ll help you figure out what fits your situation best, just clear info.
