help decide, do i buy 'life insurance' to cover my bro...

abc

Diamond Member
Nov 26, 1999
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if he and i are gonna buy a house, do the mortgage thing together, same house... lets say he makes 50k a year...

lets say he passes away... the bank is gonna chase me to come up with my bro's half of the mortgage payments...

which would cause me to be in financial strain.


should I buy a policy to hedge ? do people do this kind of thing. Thanks!!
 

DrPizza

Administrator Elite Member Goat Whisperer
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Mar 5, 2001
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How old is he?
I think some mortgages have the option of insurance, should one of the mortgagees dies.
Compare that to the price for a term life insurance policy. If your brother is young, term life policies are dirt cheap if you shop around.
 

dirtboy

Diamond Member
Oct 9, 1999
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Will both your names be on the title? If so, they won't "come after" you, you'll just be responsible for making the entire payment. Now if you don't make the entire payment, then you'll be introduced to something called forclosure.

And yes, people do this all the time. Term insurance is dirt cheap.
 

Ameesh

Lifer
Apr 3, 2001
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if your brother is young and non smoker his policy is probably ridicullous cheap, i know mine is. i got one cause if i die my parents would get stuck with my mortgage and the payout will easily take care of it and give them another 1/2 M. check out the insurance if you are worried, i only pay like 6 bucks a month through work .
 

abc

Diamond Member
Nov 26, 1999
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yes both my name and his name will be on the title.. and my parents... he's 30.

well no they wont 'come after me' with a knife but they will with the payments, which is precisely what i'm asking about...


anyway... oh ameesh, yes that's another thing.... i have to insure in case my bro dies... and my folks have to insure in case either me or my bro dies, they'd get stuck... and they're on fixed income.


what's this insurance called? as you get it through work?
 

FoBoT

No Lifer
Apr 30, 2001
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you should both get a term life policy for the amount of the mortgage, it is very cheap, especially if you are both young/healthy
 

Double Trouble

Elite Member
Oct 9, 1999
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Banks often require that the person getting the mortgage loan have a life insurance policy in the amount of the mortgage -- with the bank as the beneficiary of course. Given your age, I'd say you should both get a term life insurance policy for the full amount of the mortgage.
 

abc

Diamond Member
Nov 26, 1999
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Originally posted by: Ameesh
if your brother is young and non smoker his policy is probably ridicullous cheap, i know mine is. i got one cause if i die my parents would get stuck with my mortgage and the payout will easily take care of it and give them another 1/2 M. check out the insurance if you are worried, i only pay like 6 bucks a month through work .

are you infering that because you got it through work, it's at some sort of discount than getting not through work?

i talked to my bro and i found a 300k policy is 200 a month? dont know what kind of policy he got but is the one you got somehow go the word 'house' written in it?
 

Jzero

Lifer
Oct 10, 1999
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Get a policy....and then.....:evil:
Did you know your nick stands for abel's brother cain?
:D

No seriously, you should be able to get it pretty cheap and it's probably not a bad idea.
 

abc

Diamond Member
Nov 26, 1999
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heh heh, you're a wacko...


um, no i dont know... because i actually don't know about anyone's brother cain.. what's that.
 

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