• Saeveo@lemmy.world
    link
    fedilink
    English
    arrow-up
    19
    ·
    1 year ago

    Are you not required to have a joint life assurance policy as a condition of a mortgage in the US?

    • stalfoss@lemm.ee
      link
      fedilink
      arrow-up
      51
      ·
      1 year ago

      lol no, the bank doesn’t care, they’ll just take your house if you can’t pay

      • Corkyskog
        link
        fedilink
        arrow-up
        15
        ·
        1 year ago

        You literally beat me to this reply by like 4 minutes haha. Banks were giving variable mortgages to people who could barely afford current rates, they don’t give a shit.

        • shortwavesurfer@monero.town
          link
          fedilink
          English
          arrow-up
          8
          ·
          1 year ago

          I would never ever take an adjustable rate mortgage. That is just begging to get fucked. Like right now for example. My mortgage is like 4.2% but if it were an adjustable id be at like 6+% and be out of a house.

          • krische@lemmy.world
            link
            fedilink
            arrow-up
            3
            ·
            1 year ago

            Or when the housing market is booming, they’ll repossess the house and sell it again for even more of a profit.

            • Brandon658@lemmy.world
              link
              fedilink
              arrow-up
              1
              ·
              1 year ago

              Probably make as much use of the scam mortgage insurance that they can too. I forget what it’s actually called but it’s a scam IMO. $100 a month baked into my escrow for insurance to the lender in case I lost the house. To my knowledge it provides me no benefit.

              Upside is when I refinanced it was taken off. (Think the whole first time home owner program requires it for the initial loan.)

    • transientDCer@lemdro.id
      link
      fedilink
      English
      arrow-up
      8
      ·
      1 year ago

      Not anywhere that I’ve seen, just home owners insurance and mortgage insurance if you pay less than 20% down.

    • Meeech@lemmy.world
      link
      fedilink
      arrow-up
      5
      ·
      1 year ago

      Nope, at least not for my mortgage. The only thing that was required was a home owners insurance policy.

    • June@lemm.ee
      link
      fedilink
      arrow-up
      3
      ·
      1 year ago

      I bought last year and there was nothing in the process that wanted either of us to have life insurance.