Mortgage Protection Insurance For Seniors (2023 Update)
Posted in Mortgage Protection Insurance last updated on April 16, 2023
Many people think they do not qualify for mortgage protection insurance after a certain age but this is not true.
You can get mortgage protection insurance all the way up to age 80 with many companies, you just need to know where to look.
This article will cover everything you need to0 know about getting mortgage protection insurance as a senior.
If you want to compare quotes for mortgage protection insurance among 15+ different companies fill out our quoter for free.
Table Of Contents
- Mortgage Protection Insurance For Seniors
- Age Limit For Mortgage Protection Insurance
- Mortgage Protection Insurance Cost
- Benefits Of Mortgage Protection In Retirement
Do Seniors Need Mortgage Protection Insurance?
The reason a senior might need mortgage protection insurance is no different from a younger person. If you die you do not want your family to have to pay the mortgage or have any remaining debts.
That’s where mortgage protection insurance comes into play for seniors.
Mortgage protection insurance is simply a small term life insurance policy to pay off the mortgage and any other debts in case they die before the house is paid off.
Age Limit For Mortgage Protection Insurance
You can get traditional mortgage protection insurance all the way up to age 80. Traditional mortgage insurance is just a term life insurance policy.
However, if you are over 80 there are still other options, such as a whole life insurance policy, otherwise known as burial insurance at this age.
You can get burial insurance all the way up to age 90. At this point, not many people still have a mortgage to pay, but if you are over 90 there are not many other options.
Mortgage Protection Insurance Cost
The cost of mortgage protection insurance varied quite considerably, however, if you are healthy you will qualify for the best preferred rates available.
Click here to read our post on mortgage protection quotes.
You can get mortgage protection insurance for as low as $13 a month, depending on your age and how much coverage you need.
You can compare 15+ different mortgage protection insurance companies instantly by filling out our quoter. On mobile just select “get quotes”.
Mortgage Protection Insurance In Retirement
Many people operate on fixed incomes in retirement.
A mortgage protection insurance policy will safeguard your house and mortgage in case a catastrophic event happens like a disability or death.
For most mortgage protection insurance policies, you can use a portion of the coverage amount while still living if you are disabled or diagnosed with a terminal illness.
You have the peace of mind in retirement that your family will not be forced out of their home for any reason.
FAQs
51 Comments
Christine Patrick
Hello, I am looking for a policy that would cover the home mortgage for my partner and I both if something were to happen to either one of us. We a co-owners of our home in California. I am 71 and he will be 70 in July.
The value of our home is approx 1,200,000 and our mortgage is $536 K. Could you please let us know what, if any options we have. Both very healthy and have never smoked.
Many Thanks, Chris
Kelly Maxwell
Thanks for reaching out. We sent you an email!
Beverly Ann Urioste
I just refinanced my home and I would like to know if we can get Mortgage protection life insurance. I am 71 and my husband is 88. What is the cost? Non smokers and healthy.
Kelly Maxwell
Hi Beverly thanks for reaching out. We sent you an email with more information!
Judith Severin
Requesting information to get mortgage insurance . I am 75 yrs old. And have responsibilities for my granddaughter. And some debt.
Kelly Maxwell
Thank you for reaching out Judith, we emailed you some more information.
Avery Solomon
I am 67 years old female, Just refinanced my home, (158,486.00) I am in good health and would like to leave my home to my grown children. My home is 33 years old. I am retired.
Kelly Maxwell
Hi Avery, we are emailing you some more information right now!
Beatrice D.
Hi, I am 79 years old, almost 80, and I co-own my home with my grand-daughter. I am wondering if there is mortgage protection insurance policies that I would qualify for should something happen to me? Thanks!
Kelly Maxwell
You can get mortgage protection insurance up to age 80. We will reach out with more information 🙂
Laverne rathert
I'm 80… how much approximately would My payment be for a 250,000.mortage protection plan for 20 years
Kelly Maxwell
We sent you an email with more info!
John Taylor
What’s the best mortgage protection insurance for a retired military guy like myself? I’m 64 and about to buy a new home and I want to make sure my wife can stay in the house when I croak.
CarolJean A Martin
Need mortgage insurance coverage for when my husband passes.
Kelly Maxwell
Hi Carol, we sent you an email with more info!
Rebecca E Mason
I am 71 years old. I just refianced my home. My mortage balance is $175.000 .I am retired and quite smoking 3 years ago after smoking for 19 years. The only meds I take are for high blood pressure and calesterol. Can I get mortage potection.
Kelly Maxwell
Hi Rebecca we just sent you an email with more information!
Michele Fraser
Looking at mortgage insurance if my husband passes my income goes down
Kelly Maxwell
That is what this is for! We sent you an email.
Belva Crowe
Hubby is 74, smoker. I’m 69. Need mortgage protection insurance . Can we get it to age 90?
Kelly Maxwell
He Belva, you can both get mortgage protection insurance. We'll send you an email with more info.
vada a. shreve
My husband and I just refinanced our home at 152.500 and still have a fair amount of equity. We are co owners and are 79 years old .what could we expect to pay for MPI?
Kelly Maxwell
We sent you an email with sample quotes!
Terri Tath
Hi, looking for a quote for mortgage insurance. My husband is 63 and I am 64. Both in good health. I am retired, he is not. Thank you…
Kelly Maxwell
We sent you an email!
Rosie Thompson
Good morning,
I left you a voice message. I need $100,000.00 worth of coverage and I am 66 years of age. I have no health concerns. Please email me at thomr862@gmail.com
Thank you,
Rosie
Kelly Maxwell
Hi Rosie, you have plenty of affordable options based on what you've given us. We sent you an email with sample rates.
Eleanor M.
Hello. My Husband is a 67 year old (smoker, on a fixed income). I'm a 62 year old (Dip Snuff) and still employed. We just refinanced our home at a 3.375 rate for 100,000 for (15 years). We are looking for a good low cost MPI company to secure our home. We also need to know if this MPI rate cost will go up with our age. Any recommendation would be greatly appreciated.
Kelly Maxwell
We sent you an email with a few different products. Thanks for reaching out!
ronald e beetz
hello im 70 my wife is 68 we would like to know the cost of mortgage insurance for both of us the amount 250,000 , for 15 years.
thank you
Kelly Maxwell
Hi Ronald no problem, we will send you quotes.
Sandra Howard
Hello I'm 67 and my husband is 68 and we are building a $250000 home. We both are retired
Kelly Maxwell
Hi Sandra, we sent you an email with more info.
Marvin
I need mortgage insurance we are 70 and 73 and if either one of us dies we could not get by unless our home was paid off.
We need 175,000 mortgage ins
Kelly Maxwell
Hi Marvin, you can definitely get mortgage protection at this age. We sent you an email with more info.
Lilly
I need mortgage protection plan I am 77 good health work still my mortgage is 108,000 left on it my payment is 830 too but need for protection for my husband who is retired and 78 could I please get a A quote
Kelly Maxwell
Hi Lily, we sent you an email. You can definitely still get coverage to protect your husband.
Pamela Mitchell
Looking for mortgage protection insurance. Am 70 years old and work full time. NEVER a smoker. Have diabetes and high blood pressure which are each controlled by a pill. One health matter runs in my mom's side of the family, the other in my Dad's side. I owe $197,000 on my house that was last valued at $600,000. Can you send me info for full coverage and partial coverage that would pay my mortgage in the event of surgery or disability AND for my executor to have time to take care of matters when I depart.
Kelly Maxwell
Hi Pamela, we sent you an email with more info. You can deinitely find affordable coverage.
Cindi
My husband is 81 and I am 67 we have a 15 year $233,000 mortgage. The value of our home is an excess of $1 million. We have a 2% mortgage how much would mortgage insurance be for us?
Kelly Maxwell
Hi Cindi. Your husband does not qualify as he is over 80, but we sent you some rates for just yourself to cover the mortgage.
Linda
Hello.
I am interested in mortgage life insurance. I already have life insurance but would like to protect my home so that my daughters may keep or sell it.
I am 64, widowed, recently retired on a pension, no major health issues. I live in Louisiana. Recently purchased my home with a 199K mortgage.
Thanks for your help.
Linda
Kelly Maxwell
Linda, we sent you an email with sample quotes. Thanks for reaching out!
Elsa Villalpando
Husband 71, I am 70. Purchasing a new home soon. He is diabetic, under control. I am healthy 70 year old female. We do not smoke. On meds for HBP, cholesterol. Is it possible to buy Mortgage insurance?
Kelly Maxwell
Hi Elsa, yes you can buy mortgage protection. I sent you an email with more info.
Deborah Johnson
I'm 62 my husband is 55 we are needing 100,00 dollar morgage insurance thinking about buying a home
Kelly Maxwell
Deborah we sent you an email with sample quotes for both of you.
Frances
Can someone still get mortgage insurance protection if they have been diagnosed with cancer?
Kelly Maxwell
Hi Frances, if you have cancer unfortunately you cannot get mortgage protection.
Jim
Mortgage life insurance 64 yr old male, reasonably good health. $137,000 left to pay. Missouri how much would a policy cost
Kelly Maxwell
Jim we sent you an email with more info and quotes.