Mortgage Protection
A mortgage doesn’t end when a homeowner dies. The family still has to pay it, refinance or sell.
The home stays. So does the payment.
The home stays. So does the payment.
A mortgage doesn’t end when a homeowner dies. The family still has to pay it, refinance or sell.
Agents work with LuxKeep, not for LuxKeep.
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The first 90 days are critical.
About three mortgage payments come due in the 90 days after a homeowner dies, while the family is grieving and sorting out the estate. Payments don’t pause, and falling behind can lead to foreclosure.
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Available only in AL, AR, AZ, CT, DC, FL, GA, ID, IN, KY, LA, MD, MA, MI, MS, MO, NJ, NC, OH, OK, OR, PA, SC, TN, TX, VA, WA and WI.
What mortgage protection is for
Mortgage protection insurance, explained
By mortgage protection we mean life insurance bought so the people you live with can keep the house if you die.
What happens to a mortgage at death
The loan does not simply go away. The Consumer Financial Protection Bureau has told mortgage servicers they must promptly identify and communicate with surviving family members and others with a legal interest in the home, for example by letting heirs keep paying the mortgage. It has also clarified that an heir’s name generally can be added to the mortgage without triggering its Ability-to-Repay rule.[1]
It is not PMI
Private mortgage insurance is a type of mortgage insurance you might be required to buy with a conventional loan and a down payment under 20 percent. In the CFPB’s words, PMI protects the lender, not you, if you stop making payments on your loan.[2]
Term coverage
Term life insurance covers a set period that you choose, from one year to 30 years or longer, and the premium stays the same for the entire term. With level term the death benefit stays the same throughout; with decreasing term it shrinks over the term, usually year by year. Term policies do not build cash value.[3][4]
Insurance through the lender
A lender may offer credit life insurance, which pays off all or part of the loan if you die during the coverage. Except for PMI, a lender cannot deny you credit because you decline optional credit insurance.[5]
Options some policies add
An accelerated death benefit option prepays some or all of the death benefit while you are still living if you have a terminal illness, a specified disease or a long-term care illness. Some insurers also offer term life with a return of premium feature.[3][4]
Questions worth asking an agent[3][4]
- Is the death benefit level, or does it decrease over the term?
- Does the term length match the years left on the loan?
- Is there an accelerated death benefit, and what does it require?
Three free guides
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Questions
Do the agents work for LuxKeep?
No. Agents work with LuxKeep, not for LuxKeep. Each one is independent, and none is a LuxKeep employee. Any advice, application or policy is between you, the agent and the insurance company.
Is LuxKeep an insurance company?
No. LuxKeep is a licensed insurance agency in the State of Florida, not an insurance company or a government agency. We do not sell policies ourselves. We connect people with the independent licensed life insurance agents on our Agent List.
Do I have to buy anything?
No. Asking for contact is optional and is never a condition of buying anything.
Why do you text me a code?
It confirms the number is yours, so nobody can sign you up for calls without your knowledge.
Who sees my information?
Only LuxKeep and the agents on our Agent List. We keep a record of your consent for five years.
Does downloading a guide put me on a call list?
No. Downloading a guide never shares your information with agents. We may email you related guides and tips, and you can unsubscribe any time.
How do I stop calls and texts?
Reply STOP to any text, tell any agent who calls to put you on their do not call list, or email info@luxkeep.org.
Sources
- Consumer Financial Protection Bureau, CFPB Clarifies Mortgage Lending Rules to Assist Surviving Family Members
- Consumer Financial Protection Bureau, What is private mortgage insurance?
- Texas Department of Insurance, Life Insurance Guide
- Insurance Information Institute, What are the principal types of life insurance?
- NAIC, Consumer Insight: Credit Insurance