Have peace of mind that your mortgage won’t be a burden due to an unexpected event with creditor insurance.
If taking on a mortgage for a home in Collingwood, Ontario has you feeling a bit apprehensive, the good news is that you can minimize the risk involved by obtaining creditor insurance. Here at the BRM Lending Team, we recommend this coverage, in addition to the homeowner’s insurance coverage you’ll need, as it can give you peace of mind that your home won’t be at risk because you’ve been unable to make the mortgage payments due to disability or the loss of your job. In addition, your family will not be in a financial predicament should you or your spouse die.
Creditor insurance makes the payments for you while you are unable to so that your credit rating is protected, and you will have no fear of losing the home. In the event of death, the balance of the mortgage is settled so your loved ones do not have to deal with this burden.
The ideal time to get creditor insurance is when you purchase the home as it can usually be included within the mortgage and its payment. However, you can secure coverage afterward. Either way, you can cancel the coverage at any time should your needs change.
Unexpected events can and do happen, so it is reasonable to be concerned when taking on the debt of a new home. However, with our help, you can obtain an affordable creditor insurance policy to make sure that if something does happen, the mortgage will not be a burden. If you have any questions about creditor insurance or securing funds for the purchase of your home, don’t hesitate to contact us.