quizlet 41 year old lawyer who wants a policy to pay his mortgage if he dies

by Dr. Vern Schaefer MD 9 min read

What questions do lenders ask when applying for a mortgage?

A 41 year old lawyer who wants a policy to pay his mortgage if he dies Nick has a policy that the insurer can cancel when he turns 65. Which type of policy is it?

What does the policy owner have as collateral for the blank?

A 41 year old lawyer who wants a policy to pay his mortgage if he dies b. A 66 year old retired electrician ... Sarah dies before Phil. If the policy pays the death benefit after Phil dies, it is a: Select one: a. Joint life ... Other Quizlet sets. chapter 9 cognitive psych. 24 terms. kguc. Psych Final. 16 terms. alexmacdonald2017.

When to use decreasing term life insurance for mortgage?

A 41 year old lawyer who wants a policy to pay his mortgage if he dies Barbara allows her comprehensive major medical plan to lapse. If her policy is reinstated on March 20th and she contracts mononucleosis on March 29th, what benefits will she receive?

Are your lenders asking you inappropriate questions?

A 41 year old lawyer who wants a policy to pay his mortgage if he dies. ... If he dies of cancer after 6 months, what would his beneficiaries receive? $30,000. ... Other Quizlet sets. Angina 1 and 2. 73 terms. DanielKimOnline. Geospatial Ch. 1. 26 terms. areli_cervantes20.

Why do lenders ask if you are involved in a lawsuit?

While it may seem like a lawsuit, especially if you are the plaintiff, should not impact your home financing, lenders always require applicants to ask if they are involved in a lawsuit because of the potential cost and the possibility of a judgment that goes against the borrower.

Why are lenders concerned about divorce?

Lenders are particularly concerned about the financial details of a divorce because of the possibility that a borrower could be held responsible for an ex-spouse's debt. In addition, if you are trying to include child support or alimony as income on your loan application, a lender will need some hard proof that the income will continue.

Do mortgage applicants have to prove income?

Mortgage applicants expect to be asked to prove their income, verify their employment and provide permission for their tax returns to be reviewed, but these days, lenders frequently demand more and more answers to questions that may seem out-of-bounds to borrowers.

Do you need a gift letter for a down payment?

Assets. Lenders want to know where your assets have come from in order to ensure that you are not borrowing money from someone for the down payment. Gift letters are required and must meet lender restrictions if you are getting help for your home purchase.

Why do lenders look at credit reports?

Your credit score is an important part of your loan application, but lenders will also look at your report to check for credit inquiries and past credit problems. If you have a number of recent credit inquiries, lenders may ask if you have taken out other loans or new credit cards that have yet to show up on your report.

Can a lender ask about your family?

According to HSH.com, under the Equal Credit Opportunity Act, lenders are not allowed to ask if you are planning a family. In the past, this question was used to discriminate against female borrowers because lenders assumed women would quit work when they became pregnant. You can, however, be asked about how many dependents you have and about your marital status, because that is information that can be used to qualify you as a first-time homebuyer and for special loan programs that have income limitations.

Why does HUD ask about race?

In order to avoid discrimination based on someone's ethnic background, the Department of Housing and Urban Development (HUD) actually requires lenders to ask about borrowers' race. HUD can then review lender records to make sure they aren't routinely turning down minorities or charging them higher fees.