Brendan Burgess
Founder
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From another thread:
"1) do I really need to maintain a life assurance/mortgage protection policy on both our lives to comply with the mortgage? I see from the Consumer Finance website (can't post links as a newbie) that if the "principal balance of your mortgage is scheduled to fall to 80 percent of the original value of your home" you can apply to remove the requirement for private mortgage insurance."
I had not heard that before.
I presume that the lender will insist on it anyway as they won't want the hassle of forcing the estate of the deceased person to sell the house.
Brendan
"1) do I really need to maintain a life assurance/mortgage protection policy on both our lives to comply with the mortgage? I see from the Consumer Finance website (can't post links as a newbie) that if the "principal balance of your mortgage is scheduled to fall to 80 percent of the original value of your home" you can apply to remove the requirement for private mortgage insurance."
I had not heard that before.
I presume that the lender will insist on it anyway as they won't want the hassle of forcing the estate of the deceased person to sell the house.
Brendan