There is a chance that you will be among the millions of people who are unemployed. If you are working full time and paying your Germantown Maryland real estate monthly mortgage, what will happen if the economy suddenly goes down leaving you unemployed? For some homeowners, the unemployment dilemma is no problem at all because they have a back-up unless they loss their job. A type of rider is added to their homeowners insurance - the job-loss mortgage insurance.
Job-loss mortgage insurance functions as a safety umbrella that covers your mortgage payments if you lost your job. With job-loss mortgage insurance, you are sure that your home is protected, your family has a house to stay, and you can avoid foreclosure and maintain your good credit record while you are searching for employment. It is indeed a wise investment especially in hard economic times.
However, job-loss mortgage insurance is only for the retired military personnel, self-employed, and independent contractors. The monthly benefits of this type of rider also vary from company to company. Evaluate your debt and income as well as your mortgage payment if you are eligible for this rider. Shop around and compare the coverage rates and receivable maximum amounts of job-loss mortgage insurance from several insurance companies.
Job-loss mortgage insurance has a grace period. Grace period is a time past the deadline for an obligation which a particular rule exceptionally does not apply, or only partially applies. In the case of the job-loss mortgage insurance, it does not start until 60 days after it closes and pays up to 12 payments. Take note that you will not receive any benefits for 6 months from the policy if you started a job-loss mortgage insurance policy before you were laid-off from your company. Ask a homeowner's insurance agent about job-loss mortgage insurance so that you won't be surprised with its policies.
Job loss mortgage insurance has several prerequisites before filing a claim like the policy of waiting at least six months before a claim can be filed. Although this insurance protects the home owner in the event of a job-loss, there are several disadvantages. However, choosing to invest in it will cover a homeowner for a short period of time until you have enough time to get back on your finances.
Job-loss mortgage insurance functions as a safety umbrella that covers your mortgage payments if you lost your job. With job-loss mortgage insurance, you are sure that your home is protected, your family has a house to stay, and you can avoid foreclosure and maintain your good credit record while you are searching for employment. It is indeed a wise investment especially in hard economic times.
However, job-loss mortgage insurance is only for the retired military personnel, self-employed, and independent contractors. The monthly benefits of this type of rider also vary from company to company. Evaluate your debt and income as well as your mortgage payment if you are eligible for this rider. Shop around and compare the coverage rates and receivable maximum amounts of job-loss mortgage insurance from several insurance companies.
Job-loss mortgage insurance has a grace period. Grace period is a time past the deadline for an obligation which a particular rule exceptionally does not apply, or only partially applies. In the case of the job-loss mortgage insurance, it does not start until 60 days after it closes and pays up to 12 payments. Take note that you will not receive any benefits for 6 months from the policy if you started a job-loss mortgage insurance policy before you were laid-off from your company. Ask a homeowner's insurance agent about job-loss mortgage insurance so that you won't be surprised with its policies.
Job loss mortgage insurance has several prerequisites before filing a claim like the policy of waiting at least six months before a claim can be filed. Although this insurance protects the home owner in the event of a job-loss, there are several disadvantages. However, choosing to invest in it will cover a homeowner for a short period of time until you have enough time to get back on your finances.
About the Author:
Stop and avoid foreclosure. Keep your home South Riding Virginia Real Estate. Ask your real estate agent about job-loss mortgage insurance - one of the many ways on how to keep Condos in Las Vegas from being foreclosed.
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