I closed on a house back in July. Recently I've been getting mail about insurance to pay off my mortgage in full in the untimely (and hopefully unlikely) event of my death. I don't think I need this but I'm not 100% sure. I'm a single guy with no children and no dependents. I've never made a will, or listed anyone as a beneficiary to my house, and I'm the only person listed on the deed, and the mortgage. I have a standard term life insurance policy, with my parents as the beneficiaries, that is significantly lower than the outstanding balance on my mortgage (assuming I die in the next 27yrs or so) My specific question is in my situation, what would happen to the mortgage and the house if I died RIGHT NOW? What would happen to the the house and mortgage if I do indeed sign up for this mortgage life insurance? Thanks!
Thanks Judy but I don't "fall for everything in the mail". I'll likely not go through any of that. The caveat is no one needs/wants the house. My parents are older and have already paid off their place and don't want the extra debt.. So if I die.. I'll just let the bank have the place..
Orignal From: Do I need mortgage life insurance?
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