All About Mortgage Insurance: Update July 30 - 2010 All About "Mortgage Insurance" By Insurance Experts

Mortgage insurance is defined as a decreasing term life insurance depending to the amortization of the mortgage period while the premium remains the same over that period. You can purchase the mortgage insurance from the bank, trust or life insurance companies.
1. If you purchase your mortgage insurance from the bank or trust
a) No medical exam is required
b) The beneficiary of the policy is the bank or trust
2. if you purchase your mortgage insurance from the life insurance companies
a) medical exam is required for any sum insured over $100,000
b) The beneficiary of the policy is designated by you ( Kyle J. Norton)

Reverse Mortgage Insurance
By John Andrew Jr.

What is reverse mortgage insurance? What are the requirements in order to take advantage of reverse mortgage? First and foremost, the term reverse mortgage must be defined in order to answer both of these questions. To put it briefly, it is a type of mortgage available for old and senior individuals as mandated by the law and the government of the United States. Reverse mortgage insurance on the other hand is a type of insurance that caters to the rights of both the creditor and debtor in a reverse mortgage in case one or either of them is unable to comply with the agreement entered by them through the reverse mortgage contract. This is a remedy that will ensure that the party that is deprived of compensation will still be able to get something of equal or greater value regarding what has been insured through the mortgage agreement.

In order to avail of this reverse mortgage insurance, one must first be able to comply with the requirements of such a mortgage. Firstly, the person availing of this kind of mortgage must be at least 62 years of age. This is a requirement that cannot be waived since the spirit of the law that created this type or mortgage specifically ensured that the individuals who are already of old age have better benefits than younger ones. This coincides with the principle of the older the person gets then the easier and more lenient the requirements to avail of this mortgage become. The debtor or borrower of the money must be exactly 62 years old once the contract of mortgage takes effect as specified in the date contained in it.

Secondly, the debtor or borrower must undergo credit counseling. This credit counseling must be done with a financial specialist or expert through a third party counseling service provider. The objective of this requirement is to ensure that the senior citizen debtor is well informed of what will happen once he or she engages in this reverse type of mortgage. This will equip him or her of the necessary knowledge that will ensure that he or she will not be, in anyway, put into a position that is not favorable. This is a method of the law in itself to protect the rights, privileges and interests of the old individuals of the United States of America.

Thirdly, the debtor must not have any subsisting or pre-existing mortgage in order to avail of this kind of mortgage. This is the protection allotted by the State and the law in order to protect the rights, interests and privileges of the creditor or lender of the money. This will ensure that both the creditor's and debtor's rights have equal protection of the laws that pertain to mortgages and loans. If you want to avail of reverse mortgage insurance then make sure that you first comply with these three requirements in order to prevent any further complications regarding the mortgage itself together with the insurance for such mortgage that you will avail of.

Your base for information about Reverse Mortgages. Let us guide you through the requirements, costs, and all the other details that you need to know. Learn the answers to all of your questions and become more informed in order to get the best deal that you can. Reverse Mortgage Insurance

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