Widowed & no mortgage insurance

Formyfriend

Exactly what I thought, she's already 64, what were they thinking!

I just feel so sorry for her.

Who needs this after watching your husband die.

And she really wasn't thinking about her future whilst nursing him and now it's too late.

Just awful

Formyfriend

I think just under 60K

SteveScooby

What's the house worth, compared to the mortgage balance?

Formyfriend

I can't believe mortgages are still available without cover - whatever your age - and I know theirs was taken out in '04.

My husband was sure we couldn't get ours without, but we are talking before the old Queen died so things may have possibly change just a bit } I also recall our lenders - a leading bank - were holding our insurance policy and LOST it. All kinds of rubbish went on with that.

Whatever, it's about time there was some kind of legislation put into place to protect people from getting into this situation. To be honest I thought there were actually already regulations.

Coping with the pain of loss is bad enough. Certainly they should have tied up all lose ends but no one needs to hear that in circumstances like these. We're all wise after the event. But these are just so many hollow words, not at all helpful. Plus this man had serious and unprovoked personality changes because of his illness and it was very difficult for my friend to converse with him in a rational, calm manner, he wouldn't discuss anything.

But many thanks to all of you for your kind help and suggestions.

AMILLIONDOLLARS

House and content insurance, sometimes have a life insurance policy attached, you could look into this. She could also get a grant to help with burial expenses, worth looking into.

AMD

Wh05apk

Formyfriend wrote: »

I can't believe mortgages are still available without cover - whatever your age - and I know theirs was taken out in '04.

Again, this would raise problems, I agree for most people they would be mad not to take cover, but how about for someone in their late fifties with a life threatening illness looking to raise additional funds to buy a flat by the coast to spend their last few years in, they may be uninsurable, and the intention could be to sell the 2nd property to repay the debt on death?

Ultimately people have to accept responsibility for their own actions/inactions, legislation forcing people to take life cover would be unenforcable.

beecher2

Formyfriend wrote: »

I can't believe mortgages are still available without cover - whatever your age - and I know theirs was taken out in '04.

Not everyone needs cover - for example if you are single with no dependents and your assets would cover the debt then there's very little point.

It is a real shame and it is good you're helping her out with the practicalities - there's so much to do when you're bereaved and none of it is simple.

serious_saver

Wh05apk wrote: »

Why not? if they have the pension income to support it, are you saying lenders should not lend beyond a certain age?

Not at all. I think it's perfectly reasonable if they are able to support it and the length is reasonable but a new 25 year mortgage when you have almost no chance of paying it off without the pension of both parties . . .

I also made a mistake in my first post she would have 98 not 93 (I added 20 years not 25)

Formyfriend

Wh05apk wrote: »

Again, this would raise problems, I agree for most people they would be mad not to take cover, but how about for someone in their late fifties with a life threatening illness looking to raise additional funds to buy a flat by the coast to spend their last few years in, they may be uninsurable, and the intention could be to sell the 2nd property to repay the debt on death?

Ultimately people have to accept responsibility for their own actions/inactions, legislation forcing people to take life cover would be unenforcable.

Yep. You're right I didn't think of it like that.

Thanks for pointing it out.