loan,banking and credit
*Loan,banking and credit>>>property insurance

If I am in a property partnership, and my name is NOT on title, could my life insurance pay off the mortgage?


My spouse and I each have 25% of a property and are "tennants in common" with 2 other partners. The other partners want my husband to get life insurance to pay off the house. (If he should pass) Our names are still not on title. We are the ones paying ALL the mortgage and occupying the home.

sounds like there are 4 owners on the property. why are you two paying all the mortgage and not the other?

anyway, life insurance can pay off the mortgage if you or your spouse dies, but that depends on how much coverage you guys bought. Source(s): Life insurance with cash value don't pay out cash value when you die! They say its a good way to build savings! How is that so if you lose it all and it doesn't go to anyone when you die? People say you can borrow it. Why do I want to borrow my own money that I paid for? Cash value = scams
When you refinance your mortgage and take out all or part of your home equity in cash you owe no tax on the cash. Borrowed money must eventually be repaid, whether you do so over the life of the mortgage, such as 20 or 30 years, or when you sell the condo and pay off the mortgage balance in full.
Very dangerous spot to be in when you're on the loan and not on title. The person can sell the house or take out a loan on it and let it foreclose. You guys should have formed a partnership and put the title under the name of the partnership, then made provisions for death (what happens if one of you dies), divorce (what happens if one of you gets a divorce, you would hate to have the partner's ex-spouse ' lawyer come for the house), disability (you or your husband becomes disabled and are not able to make payments) and departure (one of the partners no longer wants to be a partner).

Anyway, mortgage and title are two different things and I would think (not sure) your life insurance policy can cover the mortgage even if the title is not in your name. Just ask and find out.

Regards
Tags
state taxes fair tax federal tax deferred tax property insurance renters insurance social insurance state insurance student insurance online insurance
Related information
  • If I am in a property partnership, and my name is NOT on title, could my life insurance pay off the mortgage?
  • Under a Property and Casualty License does Fire fall under that and Under Health does supplemental insurance
  • As a policy holder of home insurance, could i make a claim for an accident on my own property?
  • Can I get insurance to cover me against claims from neighbours if building my extension damages their property
  • Most Insurance Companies Require These (LIST) for a Swimming Pool to Be Covered on a Home Owners Property?
  • Which insurance field is more lucrative, Health and Life, or Property and Auto?
  • Will the insurance company go after the vandal/s of my property?
  • If I damage my neighbour's property, why does he have to claim on his insurance instead of me?
    •    

    SiteMap--Copyright/IP Policy--Contact Webmaster
    For personal non-commercial use only.