Leaving behind — or being left with — a hefty mortgage is a common concern for many homeowners approaching or already enjoying retirement. Fortunately, there’s a way to protect you and your loved ones. Here are four reasons to include a mortgage protection plan in your retirement strategy:
1. Death benefits.
Death benefits are the primary advantage of mortgage insurance. In the event of an untimely death, these payments can help to keep your mortgage on track.
2. Illness or disability benefits.
Illness and disability can also affect your ability to pay your mortgage on time. Many providers allow you to design your policy to include payments in the event of either sickness or injury.
3. Peace of mind.
With mortgage insurance, you can rest assured knowing you and your family can remain at home no matter what — and that makes for a better retirement.
4. Premium reimbursement.
Some mortgage protection insurance policies may also include a return-of-premium feature if the policy is not used. That means you could get your money back at the end of a policy term.
Advisory services offered through Madison Avenue Securities LLC (MAS), a Registered Investment Advisor; MAS and PFS Wealth Management Group are not affiliated companies. MAS does not provide legal and tax advice. Seek competent legal and tax counsel for your specific needs.