Mortgages and buying and selling homes

[murphy05]

I have heard from my sister about a mortgage protection policy for factory workers. In the event of the factory shutting down, the mortgage is paid off through this protection policy. I have never heard of this, but she knows someone who had this particular policy - whose factory shut down and thereby had their mortgage paid off.

Anyone hear or know of such a policy? Details?

Hoping

 

[ClubMan]

Mortgages and buying and selling homes

That title does not give any indication of the nature of your query. Please change it.

Are you thinking or mortgage repayment protection insurance or income protection insurance? These policies will (in certain circumstances and possibly for restricted periods of time) pay your mortgage or income within specific terms & conditions. Some such policies are not good value for money due to excessive charges and restrictions on when (e.g. if you cannot get any new job at all) and for how long (e.g. for a restricted cumulative period of time) they pay out. If you are thinking of looking for such policies then shop around and get a good broker on the case.

 

[ClubMan]

Mortgage Repayment post-redundancy