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From: mat@amdahl.UUCP (Mike Taylor)
Newsgroups: net.invest
Subject: Re: On the Worth of Mortgage Insurance
Message-ID: <2212@amdahl.UUCP>
Date: Sun, 10-Nov-85 19:53:10 EST
Article-I.D.: amdahl.2212
Posted: Sun Nov 10 19:53:10 1985
Date-Received: Mon, 11-Nov-85 06:43:58 EST
References: <1137@decwrl.UUCP> <109000011@ima.UUCP>
Organization: Amdahl Corp, Sunnyvale CA
Lines: 22

> 
> /* Written  2:39 pm  Nov  6, 1985 by traite@wanginst in ima:net.invest */
> > I don't have a house or a mortgage, but from the discussion on net, it
> > seems that mortage insurance will only pay the balance of the mortgage due
> > to the holder of the mortgage, AFTER ASSETS, OF THE MORTGAGE TAKER, I.E
> > THE HOUSE, HAVE BEEN EXHAUSTED (SOLD).
> 
> No, mortgage insurance pays off the balance of the mortgage so that the
> bereaved survivors don't have the extra misery of being kicked out of
> their house.
> 

Are we not confusing mortgage life insurance, which is something to look
after survivors, with mortgage credit insurance ? I thought these were
two different things. The first kind is normally bought by individuals,
whereas the second kind is required by lending institutions when the
down payment is low or credit questionable.  Of course, the borrower pays
the premium in both cases.
-- 
Mike Taylor                        ...!{ihnp4,hplabs,amd,sun}!amdahl!mat

[ This may not reflect my opinion, let alone anyone else's.  ]