More than 95% of the mortgages that were formalized, they are for the acquisition of the first House, the importance of this purchase is highly recommended to ensure the payment of the mortgage. Go to the loan to finance the acquisition of own housing is virtually inescapable. The value that have today reached the real estate makes it necessary to finance them. For this purpose the loan with more facilities and virtues is mortgage. The apparent advantage of the mortgage loan, the great period for its repayment can be against him, if personal or business circumstances are complicated in the future. It is usual that financial institutions that offer mortgage loan include a life insurance operation.
This insurance aims to ensure recovery of outstanding loan capital, the financial company where deceased holder of the mortgaged. However there is a possibility that very few ensures, the find is unemployed, in a situation of serious illness, which could result in not having enough money to pay the mortgage loan in the future. This possibility does not usually worry too much to the lender, because its guarantee of collection is the own mortgage. Certainly if there are temporary liquidity problems always an extension of the deadlines for repayment of the mortgage loan can be negotiated with the Bank. But the time of duration of the mortgages, is today, carried its maximum possible, it is no longer uncommon to find mortgages to 30, 35, even 50 years.
Before these time periods of depreciation so high, it is convenient to formalize an insurance that covers eventualities staffs who can prevent him from dealing with payments. This type of insurance should cover the possible times of low by illness, unemployment or even disability, so that outstanding contributions or all of the capital is returned by the insurance company. If you can’t find on the market products that cover this contingency, Alternatively you can search for investment funds in which to invest small amounts annual, ensure you a minimum profitability. In this way in a systematic way will be forming a capital with which to cover these complications of repayment of your mortgage loan. Make sure that the Fund which subscribes to allow the rescue of capital with possible minor penalties, Alternatively try to allow your syndication to the fulfillment of the own mortgage investment fund.