Presented by Daniel Toriola
Mortgage is a kind of a pledge or guarantee made by the home purchaser or borrower to repay the loan to the
lender. A right home mortgage loan can save thousands of dollars in the long run. Hence, it becomes very
important and crucial to the borrower
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Could You Benefit From Mortgage Unemployment Insurance?
By Simon Burgess
It is essential to keep on paying your mortgage, even if you lose your income to redundancy you
would have to make the payment somehow. If you did not then you are looking at the lender choosing
to take possession of your home through the courts. With this in mind you need to consider whether
you could benefit from taking out mortgage unemployment insurance.
The Council of Mortgage Lenders predicts that by the end of 2008 over 45,000 homeowners will fall
victim to repossession by the lender. This is based on the fact that by June this year there had already
been over 18,000 repossessions by mortgage lenders and these people were evicted from their
homes. By getting behind on just a single payment the lender would send out a letter, if you missed
another you would have to come to an agreement to catch up on what you owe. However without an
income you would not have the money to pay.
Mortgage payment protection provides an income that was tax-free once you had been unemployed
for a number of days, which varies with the provider you are taking cover with. Some will ask you wait
for 30 days and others could ask you wait up to 90 days. However, some providers will also backdate
cover to the first date of you being unemployed. Once the policy has started to provide you with an
income it would then do so for a certain period of time which is set out by the provider you are taking
cover with. Some providers will give you an income t