Monday, July 02, 2007

query: does FHA insurance payoff my home if I die

Good question and one often asked by folks considering the FHA program.

The answer is no. FHA mortgage insurance should not be confused with mortgage life insurance.

The FHA mortgage insurance protects the mortgage lender if you default on the loan and the property goes into foreclosure.

If you would like mortgage life or disability insurance, you should talk with your personal insurance agent. It's a separate product.

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