Asked by Anonymous
Hi Gurus,
When we get a Mortgage Insurance Term Assurance (MRTA),
1) How much does this insurance covers our outstanding mortgage? Say if after downpayment, there is an outstanding of $600k, and our CPF OA has a reserve of $200k, can we just opt to get MRTA to cover the remaining $400k?
2) if the mortgage is taken by 1 of the owner, but serviced by both owners' CPF, the MRTA is bought in the name of the property or individual owner? i.e. need to take up 2 MRTA for 1 property?
Appreciate advice from the gurus, and my apologies if my question is not clear or detailed. Am still very new to these.
When we get a Mortgage Insurance Term Assurance (MRTA),
1) How much does this insurance covers our outstanding mortgage? Say if after downpayment, there is an outstanding of $600k, and our CPF OA has a reserve of $200k, can we just opt to get MRTA to cover the remaining $400k?
2) if the mortgage is taken by 1 of the owner, but serviced by both owners' CPF, the MRTA is bought in the name of the property or individual owner? i.e. need to take up 2 MRTA for 1 property?
Appreciate advice from the gurus, and my apologies if my question is not clear or detailed. Am still very new to these.
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