{ "media_type": "text", "post_content": "Thoughts on paying job loss mortgage insurance? Currently don't have one, have owned property for a few years, but been thinking about it....", "post_id": "5dd1ff7274be32002122c4af", "reply_count": 6, "vote_count": 1, "bowl_id": "552d1d24dc1c586b09d2d051", "bowl_name": "Consulting" }

Thoughts on paying job loss mortgage insurance? Currently don't have one, have owned property for a few years, but been thinking about it....

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No, it’s called a savings account.

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Okay... this is actually a little more helpful than than the previous

Well, if you pay for that insurance, make sure you understand any exclusions with it. I have never bought it. Better to put the money into savings, where its use is unrestricted, and tap that to pay the mortgage if needed. Also, should you actually get into trouble and be low on cash, talk to your lender. They are usually willing to work with you on short term arrangements rather than rush to foreclosure.

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Don’t think it’s a bad idea honestly. I would Buy it until I had at least 18 months of mortgage in my bank

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