Mortgage insurance and the benefits vs the bank insurance for mortgage coverage.
- You can buy mortgage insurance from insurance institutions or banks. Here are a few advantages of using insurance institutions mortgage insurance over bank mortgage insurance.
- You own the contract and choose your beneficiaries, whereas in a bank mortgage insurance, the bank owns the contract and is the beneficiary.
- The amount of mortgage insurance coverage you buy from an insurance company can remain the same for the loan duration.
- The insurance company will allow you to convert your mortgage insurance to permanent life insurance throughout the term of your loan.
- By buying mortgage insurance from an insurance company, you won’t have to shop around for mortgage insurance for the term or see increased insurance rate costs during your mortgage term
Why double your monthly PAC and increase your retirement funds?
PAC: Pre-Authorized Contribution
- Take control of your retirement goals, lower the risk of running out of money, and enhance your retirement options.
- PAC is an effective way to invest in a long-term investment for your retirement planning.
- Decide on an amount that suits your budget—rule of thumb 10% of your monthly income.
- Starting with just a monthly $50.00 PAC, this is a systematic way to invest in retirement.
- Can you double your monthly PAC amount? You can more than double your available funds at retirement.
*This information is presented to provide you a quick overview. Information is evolving and changing all the
time. We encourage you to call us and clarify any question that you might have.