When Is Mortgage Life Insurance Required?

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   Steven Gates

   Sr. Advanced Markets Consultant, Ash Brokerage, Greater NYC Area

   In no case may a lender require the borrower to purchase mortgage life insurance from the lender or lender's affiliate. In the rare cases when issuing a loan is made contingent on the borrower maintaining life insurance to secure the debt, an existing or newly acquired personally owned policy will provide more flexibility and will usually be at a lower cost than specialized credit life products.

   Answered on September 5, 2013

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