Mortgage loan: insurance to counter the vagaries of life
Life is naturally made of ups, downs and changes. Still, a mortgage often commits his subscriber (s) over several decades, and even though no one knows what tomorrow will be done. And since no one is safe from disappointment, it may be that we are no longer able, at one time or another, to honor our debts. And that, Walloon has understood. Reason why it offers mortgage applicants to buy insurance with the distinction of being 100% free.
Mortgage loan insurance in practice
Mortgage Loan Insurance allows for the ” partial repayment of your mortgage if you lose your job or if you find yourself totally incapacitated “. Note that the loss of employment must be total and involuntary.
It is for those who buy a mortgage to buy an existing home or build or build a new home.
Walloon households can claim up to 12 months after the execution of the loan. If you have already subscribed yours, it may not be too late!
Mortgage Loan Insurance: What Amounts?
The maximum ceiling for intervention of mortgage loan insurance is $ 27,000. Per year, this sum is fixed at 9000 $ and can thus extend over 3 years.
A novelty? Not really…
Have you never heard of this free insurance ? You are definitely not the only one. Although it has been in effect since 1997, few households have benefited from it. In fact, only 2,000 files are introduced per year. In all, 7,000 owners benefited and shared the sum of 34 million USD to cope with more difficult times.
Still, this should change: as of March 1, 2019, the conditions for granting this mortgage loan insurance will be relaxed. Want to know more ? Interested by this initiative of Walloon?