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First Time House Buyer Qs
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mini orchard
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 Sep 15 2022, 09:25 AM
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QUOTE(hotNcool @ Sep 15 2022, 08:56 AM) can explain further more bout #2? not quite understand? if not buying mlta or mrta , then (loan under me and my bf's name) if anything happen to one person, the other still have to pay the installment isnt?Yes. If A and B are co-owners and if A bought insurance to cover the loan and if B passed away, A still have to cont paying the instalment. If A passed away, then the insurance will payoff the loan and the property goes to B. However, A and B can buy 50% or 100% each to cover the loan and if anything happened to either one, 50% or 100% of outstanding loan is covered. Again that depends on affordability if 100%. This post has been edited by mini orchard: Sep 15 2022, 09:44 AM |
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mini orchard
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Sep 16 2022, 11:50 AM
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QUOTE(Human Nature @ Sep 16 2022, 11:03 AM) If A passed away, the insurance will payoff loan and property goes to B, without B having to service his/her remaining part of the loan at all? Yes, provided bought to cover full loan amount, If under insured, then it will be pro-rated and B has to cont pay the remaining balance. |
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mini orchard
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Sep 23 2022, 10:50 AM
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QUOTE(hotNcool @ Sep 23 2022, 07:35 AM) if both a and b bought insurance, if either a or b co-owner is passed, left co-owner will still need to pay his/her insurance or just take his/ her partner insurance to cover all house loan and can stop his own insurance payment, right? It will depends on the type of insurance coverage. MRTA If either a or b passed away, either claim will settle the outstanding loan. The surviving party can then terminate his or her policy and claim for a refund of unused coverage. MRTA is a one time advance premium payment. MLTA Settlement of claim as mrta. However the surviving can cont with the premium payment and treat it like a life policy or opt to terminate with some surrender value. MLTA is a yearly premium payment. |
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