Having a mortgage insurance not a compulsory for all, but it does pays off when you happen to pass away or is disabled and unable to work to finance your mortgage further. It always sound a liability and unnecessary but something that you just can’t ignore completely.
There is two type of protection namely HPS & MRTA.
So far only HDB owners paying mortgage through CPF are required to take up HPS, but private owners have the choice to whether to take it up.
Mortgage insurance 101
In a nutshell, mortgage insurance acts as a form of protection for you and your loved ones. Similar to life insurance, in the event that you are unable to repay your mortgage payments due to any permanent disabilities or death, your mortgage insurance will take care of the outstanding loan, so that your family can continue to stay in the same property without having to worry about the repayment. Read more…
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