Relay-Version: version B 2.10 5/3/83; site utzoo.UUCP Posting-Version: version B 2.10.2 9/18/84; site amdahl.UUCP Path: utzoo!watmath!clyde!cbosgd!ihnp4!nsc!amdahl!mat 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. ]