The Mortgage industry can be sometimes interesting and unfair. Thanks for visiting and for your comment. Hope to hear from you again.

What aggravates me a lot is the fact that Mortgage Insurances is sold as a benefit to you, as a protection and people believe that they ARE protected, when the fact is that there is NO guarantee at all! How could it be if they underwrite the policy at the death of the insured?

In many cases when you apply for a mortgage you only have to sign if you choose NOT to take the mortgage insurance. Most of the times they only ask you: “would you be interested to have insurance in case something would happen your mortgage balance will be paid off”?? Sounds good isn’t it. But it’s a rip-off because you just pay but there is NO guarantee that actually you will receive the payment if something happens.