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Old 01-05-2009, 09:58 PM   #1
davericher20
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another nugget I decided to share.



Mortgage insurance.

Another big scheme to bilk money from consumers.

The idea? You pay a monthly premium to the bank, and in return the bank will pay your mortgage if and when you die while the loan is outstanding.

Makes sense!

#1
So, lets say you had a $250,000 mortgage loan.
Your monthly mortgage insurance premium would be $60 a month.

10 years goes by..........

Your mortgage is now $150,000

yet you're still paying $60 a month??????????????

hmm.

20 years goes by and you have $20,000 left on your mortgage, why are you still paying $60 a month?

#2
The bank owns the policy, not you. The beneficiary is the bank, not you.

That might be understandable, but I would rather own something if I had the choice.

#3
Lets say you've been a good boy or girl and got the mortgage insurance through the bank because you want to protect your family and you want to take care of them after you're gone.

BUt.....jeez, I can get a better rate at this other bank.

I can move the insurance over with my mortgage right?

NOPE!

#4
Now your mortgage is just like any other mortgage, it's 5 year renewable.

in the 4th year, you get sick. You have cancer.

oops, time to renew your mortgage!

What? you have cancer? Sorry, you're uninsurable. Can't renew your insurance.

Here's another kicker.....

You get sick with cancer or "whatever" and you can't work.

You lose your job as a result of that.

You can't make the mortgage payment. If you can't make the payment.......You no longer have a house........you now no longer have a mortgage...........and now you don't have any.........Insurance.

And they don't qualify you like the rest of the industry would, (up-front) they qualify you after you die.

watch this 20 minute episode from "Marketplace" on CBC that was aired.

People, don't let them take advantage of you.

Get your own personal Life insurance that includes the mortgage and all your debts and your income replacement. And reduce or increase the insurance as your life changes. It happens all the time to all sorts of people. You find out that you're sick, and you can't get insurance. Or, you realize that you don't have enough cause you wanted to save a buck when you bought it.

Never think it "happens to other people"

How many times you hear on the radio or see on the news that a "trust fund has been set up" for the deceased family. Cause they didn't have insurance.

Mortgage insurance is a SCAM.............................

Watch.


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Old 01-05-2009, 10:50 PM   #2
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And this is news how? No one I know gets mortgage insurance. You are better off getting your own life insurance and then if something happens, let you spouse/beneficiary decide what they want to do.
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Old 01-05-2009, 11:32 PM   #3
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ya man
these quickie mart insurance for your mortage has always been nothing but scams
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Yo man, I got $6000 in my bank account, and I could buy any car i want
Ya man with $6000 in the bank, you're really balling arnt ya
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Old 01-05-2009, 11:35 PM   #4
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Originally Posted by Deep 3.2TL View Post
And this is news how? No one I know gets mortgage insurance. You are better off getting your own life insurance and then if something happens, let you spouse/beneficiary decide what they want to do.
ppl are like sheep
you tell them to "bahhh" and they "bahhhh"
whenever ppl are getting a mortgage they think mortgage insurance is a better option for them than life insurance since its cheaper and they get approved instantly.
a friend of mine lost his father who had the same thing happen to them
he got approved and walked outta the bank thinking they were covered. when he passed away the exact same thing happened. they got denied and had to figure out a way to make ends meet.
these companies are nothing but con artists
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Yo man, I got $6000 in my bank account, and I could buy any car i want
Ya man with $6000 in the bank, you're really balling arnt ya
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Old 01-05-2009, 11:43 PM   #5
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Gotta do your research - sorry, but if you sign on the dotted line without knowing what you are getting, you are the fool...
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Old 01-06-2009, 12:40 PM   #6
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Originally Posted by Deep 3.2TL View Post
And this is news how?
How is this news?
Buddy, you've obviously got it set, Especially the people you know. Cause they don't have mortgage insurance. Congratulations man.
You mind not shitting on my thread which has valuable information on it that people can use?

Middle-income families who don't know a thing about personal finance get kicked in the teeth because they trust the bank.
They aren't fools.
Ok, in certain peoples eyes they are fools.
Have you heard lately about Bernard Madoff? He Scammed $50 Billion out of credible investors.
Is Steven Speilberg a fool?
Or a victim?
It's a bad bad world. Yes. Look out for your own. Yes. People will be taken advantage of. Yes.

Instead of saying, you should have known better..........Who's the con artist?
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Some people have serious track experience from the cruise, so what is fast to you, isn't fast to them.

Last edited by davericher20; 01-06-2009 at 01:12 PM.
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Old 01-06-2009, 01:41 PM   #7
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If you sign something and don't fully understand it - I'm sorry, but it's your fault. There's nothing anyone can do for you if you don't take your due diligence.

Shitting on your thread? Honestly, it's like you are trying to drum up business for yourself rather than being helpful. Just saying the way it looks to me...
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Old 01-06-2009, 03:51 PM   #8
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I didnt know about this .. I do now thou. When I bought my first place the only thing they told me that I needed since I have a mortgage and that the house isnt really mine until paid off is house insurance
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Old 01-06-2009, 10:07 PM   #9
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Originally Posted by Deep 3.2TL View Post
If you sign something and don't fully understand it - I'm sorry, but it's your fault. There's nothing anyone can do for you if you don't take your due diligence.

Shitting on your thread? Honestly, it's like you are trying to drum up business for yourself rather than being helpful. Just saying the way it looks to me...
You're absolutely right, sign on the dotted line and it's up to you to take it in the rear end. No doubt about that.

But who's keeping them accountable? Alberta doesn't allow "Back end qualifying" Why though? to protect people that's why. It's shady business. Why shouldn't any other province do the same?

Yeah, I can count numerous times I've tried to "drum up business" on these threads?????????????

Where? Except for SIREX who ASKED me to help him out.......I don't see me advertising. And I don't need to. I'm pretty passionate about this stuff cause MY family was taken advantage of years ago till someone steered them the right way.

Anyone reading this, If you feel that you haven't gained anything from this info. Let me know.
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Some people have serious track experience from the cruise, so what is fast to you, isn't fast to them.

Last edited by davericher20; 01-06-2009 at 10:10 PM.
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Old 01-06-2009, 11:15 PM   #10
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I don't have a chip on my shoulder.

Say what you want, I don't really care - but telling people that TERM is the ONLY way is a blatant falsehood. There are alot of other good solid products out there that won't screw people.
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Old 01-07-2009, 12:07 AM   #11
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This isn't too different from health insurance....and good thing we have healthcare in Canada provided by gov't and not by insurance companies.
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Old 01-07-2009, 01:00 AM   #12
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Originally Posted by Deep 3.2TL View Post
I don't have a chip on my shoulder.

Say what you want, I don't really care - but telling people that TERM is the ONLY way is a blatant falsehood. There are alot of other good solid products out there that won't screw people.
I removed the comment about you having a chip on your shoulder, but you got to it before I removed it. Sorry.

If you are a multi-millionaire who has maxed their RRSP's and needs another tax shelter, then Maybe, MAYBE maybe..............

Universal might be an idea.......Maybe.

BUt were not all millionares.

It's not a falsehood. If you compare the two.
Anyone would pick Term and invest in the market themselves.

Universal insurance policies have way more fees than a traditional equity investment.
There's an MER obviously with the Fund company.
Then the insurance company takes THEIR MER also!

If anyone was wondering. MER means (Management Expense Ratio) if the fund did 15 percent, and the MER was 2.5% then the consumer made 12.5% and the company takes their cut.

And there's back-end fee's or front-end fees.......

You might have a good policy, I don't know, I have yet to come across one. Almost every UL policy I've seen, the agent explained to the family that the investments inside the policy were going to do so well, That the return on investment would cover the cost of the policy making the premiums vanish. (Vanishing Premium Policies)

Here's another policy I saw.
husband and wife had a UL policy for their son's university.
They were putting in the investment portion $150.00 a month.

$25.00 was going into the account every month.
They had it for over 8 years

They had $1,400 in it after 8 years.

Hello? Numbers don't add up?

I found out the policy had $125.00 worth of FEES every month.

They had no idea, they trusted the agent!

Term is the way to go. And invest yourself.

But you don't have to believe me. I always say, "You know what? I could be a liar." That's why I encourage you to do your own research.

Money Magazine
Smart Money
Report on Business
Marketplace
Suzy Orman
David Chilton
The Dummies Guide to Personal Finance
ABC's of making money
and soooo many more.

They all say the same thing I do. And I feel damn good about that.
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Old 01-07-2009, 05:23 AM   #13
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Dude - don't take offence to this - do you work for/with Primerica?
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Old 01-07-2009, 12:45 PM   #14
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I can't tell you which brokerage I work with. I'm sorry. I can get into alot of trouble. Just here to share info, that's all.
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Old 01-07-2009, 12:52 PM   #15
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I can't tell you which brokerage I work with. I'm sorry. I can get into alot of trouble. Just here to share info, that's all.
LOL @ Primerica !
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