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tj12895 · May 23, 2006, 07:00 AM

Hi,

My Sister Kim is in the hospital with a serious infectious disease called Valley Fever... It has been determined by the doctors that she is mentally incompetent to handle her financial affairs and I am the durable Power of ATTY. She does not have mortgage insurance and was wondering if I can buy it for her in case she doesn't make it?

HELP!

RickJ · May 23, 2006, 07:14 AM

Check with the lender for the qualifications. I can guess that if she is close to death (as you mentioned in the other post) they may not issue it.

Fr_Chuck · May 23, 2006, 02:49 PM

Mortgage insurance, I will assume you mean life insurance that will pay off the mortgage of her home ( or business) if and when she dies.

First from the mortgage lender you will normally pay a lot more than you can get a similar policy from a regular life insurance company.

All mortgage insurance is, is a reducing term insurance policy. Normally in today's market one can get a regular term insurance policy ( that does not reduce) for a lot less.

Of course your real issue now, with mental and health issues would they even issue one. Underwriting guildlines. Do they have other life insurance ? Since in general all mortgage insurance is is life insurance.