News from Canada's Mortgage Experts

I must admit, other than Hockey Night in Canada and the odd episode of The Mercer Report the only other CBC show that I watch is Marketplace. Wendy Mesley and Erica Johnson do a great job as consumer advocates. I shared this clip called Mortgage insurance: Not always a sure thing with some clients who were being convinced by their bank that they were protected by the bank's creditor insurance. Needless to say, this clip helped shed some light on the matter and they were so appreciative that they have set up a meeting with one of our licenced insurance proffesionals for a free needs analysis.

The beauty about this clip, is that it highlights the facts your bank won't tell you about mortgage insurance (aka creditor insurance) and why term insurance is a better way to ensure your family can pay off your mortgage in case of illness or death. As Erica Johnson reports, the bank staffers selling mortgage insurance are unlicenced and rarely trained to explain the details and legalities of those insurance products. The result is people who pay premiums and think they are covered, only to realize later that they are not.

Remember, while your home is your family's most valuable asset your mortgage is your bank's. Make sure you are properly protected.