Life Insurance to Cover Mortgage Balance after my death
I trust and appreciate you and your advice over the years. I’m 61 yrs. old, receive $65K in state pension since since 2016. My adult son suggested I take out life insurance policy to cover my approximately $270K mortgage balance after my death. I don’t have enough savings or insurance to cover this mortgage balance. I don’t want to burden my family although I receive about $29,400 rental income that is paying for the building now. Please advise on the life insurance to cover mortgage payoff. I can’t guarantee my family will keep the property, but it would likely be in their best interest to do so. Thank you.
Terry Says
That is ridiculous — and your son should be ashamed of even suggesting it!!
First of all, you’re too old to get reasonable life insurance.
Second of all, the your son will sell the property when you die — or re-mortgage it on his own if he wants to keep it. That will be HIS problem.
I’m glad you have a pension. I hope it’s enough to cover your expenses in the years ahead. If not, you’ll sell the property and use the cash after paying off the mortgage to live on in your senior years.
I hope you have made a will recently. And I hope you didn’t put this son in charge!!!
