is mortage insurance a ripoff?

I was told it was but I have a potential lender pushing it. Some feedback please.

Update:

I have to put a down payment down. I have no next of kin. So far I am looking at a conventional loan. Isn't the possibility of default what my down payment is for anyway?

Update 2:

You did give me alot to think about. If I have to get mortage insurance for a conventional loan, then should just go fha.

3 Answers

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  • JJ
    Lv 5
    7 years ago
    Favorite Answer

    Talk with your auto insurance agent to see what he/she recommends. Usually a term life policy is way cheaper and actually provides more coverage. Mortgage insurance will pay off your mortgage and nothing else. If you have term life the limit stays the same as your mortgage goes down leaving some value for your estate/beneficiaries. Even with no next of kin, the term insurance likely will be cheaper and you can name a charity as your beneficiary.

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  • Anonymous
    6 years ago

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  • 7 years ago

    What kind of mortgage insurance ? If you are talking about insurance which is required when you don't have the required down payment, you do not have a choice in taking it or not. You MUST have it if you want the mortgage. If you are talking about insurance which will pay off the mortgage in the event of your death, that is your call. I'd shop around for a simple term life policy before I'd buy that type of coverage.

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