Do I need homeowners Insurance after I pay off my mortgage?

Answer Only a lien holder can require a borrower to carry insurance.

Top Q&A For: Do I need homeowners Insurance after I pay off ...

Is homeowners insurance part of the mortgage monthly payment?

Yes, the prorated homeowners insurance premium is usually escrowed as part of your monthly mortgage payment. Also included in the payment are the principal payment for the loan, a portion of the ac... Read More »

Does homeowners insurance cover a homeowners fall?

You mean cover the owner who is listed on the policy? =No!

What is an Item comment policy requested by mortgage company My mortgage company is requesting an updated policy but I live in a condo with a homeowners assoc.?

There are two kinds of insurance in a condominium community: a master policy that covers all the real estate assets owned in common, and an HO-6 policy that an individual owner carries to insure th... Read More »

What is a reverse mortgage loan for homeowners?

A reverse mortgage is a loan allowing homeowners over age 62 to use built-up equity in their homes for income or investment purposes.FunctionA reverse mortgage works in the opposite manner of a tra... Read More »