How Do You Have Your House Paid For When You Die?

by **JasonD** » Sat Apr 03, 2010 5:20 am

Does anybody know? I know there's a way to do it & I'm assuming it involves purchasing some kind of special insurance, but I don't know if I should be contacting my mortgage lender, a realtor, a life insurance agent or who? Plus, I don't even know what the process itself is called. What do I ask for when I finally do contact whoever it is I'm supposed to contact? Does this sound familiar to anyone? Thanks.

by **Rockindeano** » Sat Apr 03, 2010 5:24 am

Who gives a shit? When you're dead, that's someone else's problem. Fuck em.

by **stevew2** » Sat Apr 03, 2010 5:25 am

Get some life insurance.name me the beneficary. We you croak ill make sure ill pay it off for you

by **lights1961** » Sat Apr 03, 2010 5:25 am

JasonD wrote:Does anybody know? I know there's a way to do it & I'm assuming it involves purchasing some kind of special insurance, but I don't know if I should be contacting my mortgage lender, a realtor, a life insurance agent or who? Plus, I don't even know what the process itself is called. What do I ask for when I finally do contact whoever it is I'm supposed to contact? Does this sound familiar to anyone? Thanks.

GREAT question... I think you can get insurance from your bank that you are getting the loan from... You can also do this with credit cards... two cases where this was life saver... 20 years ago... my wifes mom died suddenly..but she had insurance on all the credeit cards... lucky for the husband...as he was just retired from the post office... and they had thousands of dollars in credit card debt... I was just amazed... with the insurance, every bill they had was pretty much paid off!

Then I had a custoner this week... whos husband just died suddenly... they had a 52,000 2nd loan on their house just taken out last year from what she told me... the husband just signed the papers for the insurance... about 2 months ago... while she was in my office, she got a call from the bank...and yes the insurance paid off the whole 52,000... WOW...

I also have life insurance for my spouse... so if anything happens to me she is taken care of... something to consider as you get older.

by **Michigan Girl** » Sat Apr 03, 2010 5:28 am

JasonD wrote:Does anybody know? I know there's a way to do it & I'm assuming it involves purchasing some kind of special insurance, but I don't know if I should be contacting my mortgage lender, a realtor, a life insurance agent or who? Plus, I don't even know what the process itself is called. What do I ask for when I finally do contact whoever it is I'm supposed to contact? Does this sound familiar to anyone? Thanks.

Mortgage Life ...don't do it!!! It's better just to take out life ins ...enough to
pay off your o/s debt and your funeral!! :wink:

by **stevew2** » Sat Apr 03, 2010 5:31 am

lights1961 wrote:
JasonD wrote:Does anybody know? I know there's a way to do it & I'm assuming it involves purchasing some kind of special insurance, but I don't know if I should be contacting my mortgage lender, a realtor, a life insurance agent or who? Plus, I don't even know what the process itself is called. What do I ask for when I finally do contact whoever it is I'm supposed to contact? Does this sound familiar to anyone? Thanks.

GREAT question... I think you can get insurance from your bank that you are getting the loan from... You can also do this with credit cards... two cases where this was life saver... 20 years ago... my wifes mom died suddenly..but she had insurance on all the credeit cards... lucky for the husband...as he was just retired from the post office... and they had thousands of dollars in credit card debt... I was just amazed... with the insurance, every bill they had was pretty much paid off!

Then I had a custoner this week... whos husband just died suddenly... they had a 52,000 2nd loan on their house just taken out last year from what she told me... the husband just signed the papers for the insurance... about 2 months ago... while she was in my office, she got a call from the bank...and yes the insurance paid off the whole 52,000... WOW...

I also have life insurance for my spouse... so if anything happens to me she is taken care of... something to consider as you get older.

what fuck is a custoner

by **lights1961** » Sat Apr 03, 2010 5:34 am

stevew2 wrote:
lights1961 wrote:
JasonD wrote:Does anybody know? I know there's a way to do it & I'm assuming it involves purchasing some kind of special insurance, but I don't know if I should be contacting my mortgage lender, a realtor, a life insurance agent or who? Plus, I don't even know what the process itself is called. What do I ask for when I finally do contact whoever it is I'm supposed to contact? Does this sound familiar to anyone? Thanks.

GREAT question... I think you can get insurance from your bank that you are getting the loan from... You can also do this with credit cards... two cases where this was life saver... 20 years ago... my wifes mom died suddenly..but she had insurance on all the credeit cards... lucky for the husband...as he was just retired from the post office... and they had thousands of dollars in credit card debt... I was just amazed... with the insurance, every bill they had was pretty much paid off!

Then I had a customer this week... whos husband just died suddenly... they had a 52,000 2nd loan on their house just taken out last year from what she told me... the husband just signed the papers for the insurance... about 2 months ago... while she was in my office, she got a call from the bank...and yes the insurance paid off the whole 52,000... WOW...

I also have life insurance for my spouse... so if anything happens to me she is taken care of... something to consider as you get older.
what fuck is a custoner

by **lights1961** » Sat Apr 03, 2010 5:35 am

stevew2 wrote:
lights1961 wrote:
JasonD wrote:Does anybody know? I know there's a way to do it & I'm assuming it involves purchasing some kind of special insurance, but I don't know if I should be contacting my mortgage lender, a realtor, a life insurance agent or who? Plus, I don't even know what the process itself is called. What do I ask for when I finally do contact whoever it is I'm supposed to contact? Does this sound familiar to anyone? Thanks.

GREAT question... I think you can get insurance from your bank that you are getting the loan from... You can also do this with credit cards... two cases where this was life saver... 20 years ago... my wifes mom died suddenly..but she had insurance on all the credeit cards... lucky for the husband...as he was just retired from the post office... and they had thousands of dollars in credit card debt... I was just amazed... with the insurance, every bill they had was pretty much paid off!

Then I had a customer this week... whos husband just died suddenly... they had a 52,000 2nd loan on their house just taken out last year from what she told me... the husband just signed the papers for the insurance... about 2 months ago... while she was in my office, she got a call from the bank...and yes the insurance paid off the whole 52,000... WOW...

I also have life insurance for my spouse... so if anything happens to me she is taken care of... something to consider as you get older.
what fuck is a custoner

fixed it... typed too fast.

by **Don** » Sat Apr 03, 2010 5:38 am

Just have enough regular life insurance to cover the highest estimated value of your house during the time when the housing market was at it's peak. That leaves enough for you survivors to cover the remaining balance and any extra bills from your funeral, etc.

by **RocknRoll** » Sat Apr 03, 2010 5:38 am

If you put < 20% down, you may already have mortgage insurance. Check with your lender and see what you have and what it covers.

Most, me included agree with MG and don't want to pay for this pretty expensive insurance.

by **Jana** » Sat Apr 03, 2010 5:39 am

I know a co-worker who had it, the insurance to pay off her mortgage, which turned out to be smart. She was only 36 and died of cancer quickly once she was diagnosed, within months, and the house was paid for, which helped her family.

by **Michigan Girl** » Sat Apr 03, 2010 5:41 am

RocknRoll wrote:If you put < 20% down, you may already have mortgage insurance. Check with your lender and see what you have and what it covers.

Most, me included agree with MG and don't want to pay for this pretty expensive insurance.

You're talking about MIP ...that insurance premium is strictly to protect the mortgage co. and investors~FNMA/GNMA etc.
in the event you default on your loan ...the mortgagor is just throwing good money away!!
Put 20% down folks avoid this insurance premium ... :wink:

by **stevew2** » Sat Apr 03, 2010 5:43 am

lights1961 wrote:
stevew2 wrote:
lights1961 wrote:
JasonD wrote:Does anybody know? I know there's a way to do it & I'm assuming it involves purchasing some kind of special insurance, but I don't know if I should be contacting my mortgage lender, a realtor, a life insurance agent or who? Plus, I don't even know what the process itself is called. What do I ask for when I finally do contact whoever it is I'm supposed to contact? Does this sound familiar to anyone? Thanks.

GREAT question... I think you can get insurance from your bank that you are getting the loan from... You can also do this with credit cards... two cases where this was life saver... 20 years ago... my wifes mom died suddenly..but she had insurance on all the credeit cards... lucky for the husband...as he was just retired from the post office... and they had thousands of dollars in credit card debt... I was just amazed... with the insurance, every bill they had was pretty much paid off!

Then I had a customer this week... whos husband just died suddenly... they had a 52,000 2nd loan on their house just taken out last year from what she told me... the husband just signed the papers for the insurance... about 2 months ago... while she was in my office, she got a call from the bank...and yes the insurance paid off the whole 52,000... WOW...

I also have life insurance for my spouse... so if anything happens to me she is taken care of... something to consider as you get older.
what fuck is a custoner

fixed it... typed too fast.

i ll overlook it this time

Website · by **steveo777** » Sat Apr 03, 2010 5:44 am

Credit life insurance on a mortage is ridiculously expensive; just buy a good term life policy and make sure your final wishes are in a will.

by **RocknRoll** » Sat Apr 03, 2010 5:50 am

Michigan Girl wrote:
RocknRoll wrote:If you put < 20% down, you may already have mortgage insurance. Check with your lender and see what you have and what it covers.

Most, me included agree with MG and don't want to pay for this pretty expensive insurance.

You're talking about MIP ...that insurance premium is strictly to protect the mortgage co. and investors~FNMA/GNMA etc.
in the event you default on your loan ...the mortgagor is just throwing good money away!!
Put 20% down folks avoid this insurance premium ...

OOPS, Your right of course :oops:

Just wasn't thinking, since I only had it once way back when. Thanks!

by **Michigan Girl** » Sat Apr 03, 2010 5:57 am

RocknRoll wrote:
Michigan Girl wrote:
RocknRoll wrote:If you put < 20% down, you may already have mortgage insurance. Check with your lender and see what you have and what it covers.

Most, me included agree with MG and don't want to pay for this pretty expensive insurance.

You're talking about MIP ...that insurance premium is strictly to protect the mortgage co. and investors~FNMA/GNMA etc.
in the event you default on your loan ...the mortgagor is just throwing good money away!!
Put 20% down folks avoid this insurance premium ...

OOPS, Your right of course Just wasn't thinking, since I only had it once way back when. Thanks!

No problem ...but you would be surprised how many people think this insurance covers them, it's heartbreaking!! :wink:

by **Michigan Girl** » Sat Apr 03, 2010 6:02 am

steveo777 wrote:Credit life insurance on a mortage is ridiculously expensive; just buy a good term life policy and make sure your final wishes are in a will.

Someone just shoot me between the eyes right now ...I agree w/this man^^^^^...

Credit Life/Mortgage Life is very costly, the rates usually do not go down w/the balance of your loan!!
If you are lucky enough to live until your house is PIF, all that money is gone wasted...no return!!
YOU MUST DIE ASAP to make this type of insurance worth its cost!! :wink:

Your final wishes sometimes don't matter in some states ...The State of LA. is a community property state...in death/divorce & taxes!!
In the event I die, my spouse automatically recv's 50% of my estate, my offspring the other 50%!!
You have to fight long and hard to kick the kids O~U~T!! ...Fortunately, I like mine~ I want them
to have a BIGGER cut ... :lol:

by **strangegrey** » Sat Apr 03, 2010 9:30 am

Discussions here are overcomplicating things.

You should have life insurance to defray estate costs. If you dont, your testate heirs will be responsible.

Insurance should be there to cover mortage payments during the estate period. Your home mortgage responsibility can be assumed by whomever you leave the house to or the house gets sold by your estate....done. Simple.

What's not so simple is the fucking ass raping that Uncle Sam will do to your estate, to get his pound of flesh. Thank the fucking democrats for that shit...

Website · by **steveo777** » Sat Apr 03, 2010 10:03 am

strangegrey wrote:Discussions here are overcomplicating things.

You should have life insurance to defray estate costs. If you dont, your testate heirs will be responsible.

Insurance should be there to cover mortage payments during the estate period. Your home mortgage responsibility can be assumed by whomever you leave the house to or the house gets sold by your estate....done. Simple.

What's not so simple is the fucking ass raping that Uncle Sam will do to your estate, to get his pound of flesh. Thank the fucking democrats for that shit...

What are testate heirs, those coming directly from your testicles? :lol:

by **JasonD** » Sat Apr 03, 2010 10:25 am

Thanks everyone for all your advise & suggestions. Strangegrey: I could be wrong but I believe I can Quit Claim Deed my house in my Will so that Uncle Sam won't be able to ass rape my heirs through probate. Also, for those who suggested taking out extra life insurance with instructions in my Will delegating someone to keep up with my mortgage payments, that's the thing I was hoping to avoid b/c there's no guarantee that my wishes will be carried out. You see, I want my daughter to get my house. (Sorry Stevew2. You'll just hafta settle for my collection of GI Joes).

I want my daughter to get my house but she's 6 years old right now & I was hoping to make sure that my house would automatically go to my daughter without a bunch of adults fighting over it, should I die while she's a minor. I have a 15 year mortgage & my daughter won't become an adult for another 12 years & so my house will be paid for by then. In that instance, she's guaranteed to get my house. It's just that "If I die while she's still a minor" thing that I'm concerned with.

Website · by **steveo777** » Sat Apr 03, 2010 10:29 am

Jason, just asking, but why are you seeking such important advice on an internet forum?

by **JasonD** » Sat Apr 03, 2010 10:41 am

steveo777 wrote:Jason, just asking, but why are you seeking such important advice on an internet forum?

You caught me just in time. I was already logged off here, but then my email said you posted.

To answer your question,.... A Google search resulted in a maze of information & a bunch of legal websites. All I wanted was a little advise without signing up for anything, or committing myself to buying someone's product. Besides, there are a lot of smart people at MR with wisdom beyond my years & so I figured someone here would be able to steer me in the right direction.

by **Arianddu** » Sat Apr 03, 2010 9:43 pm

stevew2 wrote:what fuck is a custoner

The person buying the weed, honey

by **Behshad** » Sat Apr 03, 2010 11:12 pm

JasonD wrote:
steveo777 wrote:Jason, just asking, but why are you seeking such important advice on an internet forum?

I was already logged off here, but then my email said you posted.

Stalker Alert ! :twisted:

by **Melissa** » Sun Apr 04, 2010 12:03 am

Michigan Girl wrote:
RocknRoll wrote:If you put < 20% down, you may already have mortgage insurance. Check with your lender and see what you have and what it covers.

Most, me included agree with MG and don't want to pay for this pretty expensive insurance.

You're talking about MIP ...that insurance premium is strictly to protect the mortgage co. and investors~FNMA/GNMA etc.
in the event you default on your loan ...the mortgagor is just throwing good money away!!
Put 20% down folks avoid this insurance premium ...

So true what a rip off that is!

by **strangegrey** » Mon Apr 05, 2010 1:42 am

steveo777 wrote:What are testate heirs, those coming directly from your testicles?

LOL....well, I misused the word slightly....

Intestacy is essentially dying without a valid will. The rules regarding who has a valid claim to your assets through probate of your estate falls to state/federal guidelines. Testate heirs are essentally people whom you validly bequeath your assets to in a legally executed will.

http://en.wikipedia.org/wiki/Testate

by **Arianddu** » Mon Apr 05, 2010 2:07 am

steveo777 wrote:What are testate heirs, those coming directly from your testicles?

Actually, sort of yes. (In)testate and testimony both derive from the word testicles; men used to cup their balls when they swore a solemn oath, such as in a court of law, or when making a will. Literally speaking, giving testimony meants betting your balls you will live up to your word, and if you break your oath, God will make your balls shrivel up and you'll become impotent and infertile.

by **stevew2** » Mon Apr 05, 2010 5:21 am

JasonD wrote:Thanks everyone for all your advise & suggestions. Strangegrey: I could be wrong but I believe I can Quit Claim Deed my house in my Will so that Uncle Sam won't be able to ass rape my heirs through probate. Also, for those who suggested taking out extra life insurance with instructions in my Will delegating someone to keep up with my mortgage payments, that's the thing I was hoping to avoid b/c there's no guarantee that my wishes will be carried out. You see, I want my daughter to get my house. (Sorry Stevew2. You'll just hafta settle for my collection of GI Joes). I want my daughter to get my house but she's 6 years old right now & I was hoping to make sure that my house would automatically go to my daughter without a bunch of adults fighting over it, should I die while she's a minor. I have a 15 year mortgage & my daughter won't become an adult for another 12 years & so my house will be paid for by then. In that instance, she's guaranteed to get my house. It's just that "If I die while she's still a minor" thing that I'm concerned with.

" ass rape my heirs " That shit dont run in your family does it??

by **Ehwmatt** » Mon Apr 05, 2010 6:44 am

Arianddu wrote:
steveo777 wrote:What are testate heirs, those coming directly from your testicles?

Actually, sort of yes. (In)testate and testimony both derive from the word testicles; men used to cup their balls when they swore a solemn oath, such as in a court of law, or when making a will. Literally speaking, giving testimony meants betting your balls you will live up to your word, and if you break your oath, God will make your balls shrivel up and you'll become impotent and infertile.

How the fuck do these politicians keep reproducing then?

by **artist4perry** » Tue Apr 06, 2010 3:36 am

Ehwmatt wrote:
Arianddu wrote:
steveo777 wrote:What are testate heirs, those coming directly from your testicles?

Actually, sort of yes. (In)testate and testimony both derive from the word testicles; men used to cup their balls when they swore a solemn oath, such as in a court of law, or when making a will. Literally speaking, giving testimony meants betting your balls you will live up to your word, and if you break your oath, God will make your balls shrivel up and you'll become impotent and infertile.

How the fuck do these politicians keep reproducing then?

They had their fingers crossed. :wink: