Endowment mortgage

S

sweetp

Guest
I'm sorry if this question has been asked before but I could not find the answer anywhere. My brother-in-law has an endowment mortgage with Irish Permanent for approx the last 18 years (not quite sure of every detail). Unfortunately, he is very ill at the moment and will die within the next six months. Could anyone tell me what will happen to his mortgage once he dies.
 
The full outstanding balance on the mortgage will be paid off by the life assurance cover on the endowment policy.
 
Is it also possible that, like level term mortgage protection life assurance cover, an endowment policy may pay out the original amount borrowed - i.e. that amount less the outstanding mortgage going to the next of kin? Or are endowment policies always akin to decreasing term cover?
 
I am not aware of a situation where an endowment mortgage would have been set up with a level term assurance policy attaching to it.

From memory, the policy was made up of the 'capital' (value) part of the policy and decreasing term assurance. The cost of the cover reduced as the 'capital' part increased in value.

The original sum borrowed would still be outstanding with the endowment mortgage.

Level Term would be the requirement with a Pension Mortgage.
 
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