We know its hard when something comes up and you can no longer work due do injury or to developing a disability. The first thing you think of when you are in able to work is money and bills, how will we pay them? Most bills are human needs, such as a place to live, being your mortgage. Having a place to live isn’t just a luxury,
Have you recent become disabled? or have you fell or hurt yourself at work and have to be on a disability payment for a while? Are you worried about where you’re going to live or about paying your mortgage? We’re here to help! If you have mortgage insurance you may be in luck, because your provider more then likely has Mortgage Disability Coverage!
A sudden injury or disability can make your mortgage payments a totally burden financially for you or your family, Usually these things come at a time in life when you really cannot afford it. With disability insurance, you can be positive that all your mortgage payments are covered in an incident that you may become disabled by a covered medical condition.
I’m going to go over some of our options for Mortgage insurance and what a little bit more of the specifics are.
Scotia Bank Mortgage Disability insurance, with Scotia Bank they will cover your mortgage payments after a 60 day waiting period from the day you were diagnosed should not be able to work because of hurting yourself. They will also provide a maximum monthly benefit up to the amount of $3500 plus your disability premium for your mortgage up to 24 months. Scotia Mortgage Disability insurance you can also be approved to coverage up to 300,000 if you answer no to two health questions.
With BMO their Mortgage Disability Insurance your coverage depends on the percent of coverage you select up to a MAX of 3000 a month per person. Now this does include interest and property taxes! With BMO Your benefits will start after you have been disabled for a continuous time of 30 days. You can choose your coverage to be 50% or 100%
You can also get Mortgage Disability Insurance through CIBC bank, With this bank once again your coverage begins if you answer no to all the health questions. You can chose to cash in your insurance after a 60 day waiting period, and you get up to 3.000$ per month for up to two years to a max of 150,000 per incident. Your insurance payments will end when you reach the age of 65,
So as you see there are many options for Disability insurance coverage for your mortgage! if you have any questions feel free to call us at The Mortgage Center, We will be more then happy to help you with all your mortgage needs. That is what we do after all! You can give us a call at (506) 471-4210 and ask to speak to Adam! We look forward to hearing from you!