Insurance for mortgage

[reasonant]

Does any one know the new law about insurance? I've heard that you need to be insured to a certain extent, should you be applying for a mortgage. This new regulation will be implemented in two months. Any further update would be much appreciated

 

[Roshan]

Does any one know the new law about insurance? I've heard that you need to be insured to a certain extent, should you be applying for a mortgage. This new regulation will be implemented in two months. Any further update would be much appreciated

This is not a new rule. It was always there. Just that it has been documented now.

Don't expect banks to take any liability if one dies. Banks are in the business of making money, not in the business of foreclosures.

They cover themselves very well by insisting on an insurance policy.

Regards

Roshan

 

[talk]

This is not a new rule. It was always there. Just that it has been documented now.

Don't expect banks to take any liability if one dies. Banks are in the business of making money, not in the business of foreclosures.

They cover themselves very well by insisting on an insurance policy.

Regards

Roshan

The last question just brings to mind 15 year payment plans offered by developers.I haven't used any payment plans yet and haven't seen any small print,so how does life insurance work with a payment plan.Does anyone know if the plan includes life insurance or again is it a separate issue for the buyer to cover the plan for life insurance,distress insurance,illness insurance.