A lot of people ask what is an MRI in real estate transactions? Just to give a brief explanation of this, an Mortgage Redemption Insurance (MRI) is defined as decreasing-term life insurance policy taken by a mortgator to repay the balance on a mortgage if he or she dies before its full repayment (www.businessdictionary.com).It is one sure way of giving protection to one of your best assets you can pass on to your loved ones if there is a untimely demise of the one who loaned.
In the Philippines, most of the home loan borrowers who are buying a residential home (house and lot package) are required to availed this insurance when applying for loan through, bank financing, In-house financing or Pag-Ibig (HMDF) financing are required to apply as well or it is already incorporated on the monthly payments of buyers who availed of the following financing schemes available from developers offering the homes or HMDF financing as well.
A Mortgage Redemption Insurance can be a added cost on your payments but it can sure guarantee and give and advantage in one of your investments in the long haul. However, the best asset that put all this is YOU!
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6 comments:
Hi there! I have read your article, and I must say it’s quite fascinating. What you have written is a general feeling but the way you have embedded the feeling into text is admirable. asset protection
it's nice to know that there are insurance in a Real Estate business line. looking forward to read more interesting blogs about Real Estate.
Thank you posting, I will sure add more articles related to real estate practice.
@Fort Bonifacio Apartments - better on MRIs of local insurance companies on their website. Try look and shop before recommending it and buying to others. However, most developer have tie-ups with insurance companies.
i should prefer a Real Estate Professionalthan searching a house by myself as it becomes easier.
Redemption Mortgage Insurance is defined as a decrease in term life insurance to pay the balance by mortgage mortgator. This is really great article. I honestly like this.
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