Mortgage and terminal diagnosis

Not sure if this post is in the correct forum, but just looking for advice.

No arrears in mortgage, no problems paying, been diagnosed stage 4 terminal cancer. I probably have a few years due to advances in medicines...

Do I notify our mortgage company? my husband looks after the mortgage and comes out of his account... (Both names on mortgage)

Thanks

I am so sorry to hear this. I hope you are doing ok.

I know as part of our mortgage protection we purchased a serious illness cover, that would pay out in the event of a diagnosis of a list of illnesses. Can you find a record of your policy to see what is covered? Maybe start by looking at your files or check where the direct debit is going to and that company can help you to track it down.

Note that your policy is probably assigned to the bank that holds the mortgage so I assume that they would receive any payment and apply it to the mortgage, but double check this. I know ours was only recently reassigned to our bank as we switched about 18 months ago and only just got the letter in the last few weeks.

Very sorry to hear this; unless you plan to make changes to yr mortgage there's no reason to notify them.

You could consider asking them for interest only on compassionate grounds; the extra cash can be welcome at a time like this.

I am really very sorry to read this. I know my mortgage protection policy with Zurich will pay out on he diagnosis of a limited life expectancy terminal disease (with conditions) so it might be worth looking at your policy and discussing it with the insurance company. It might be possible to pay off the mortgage now and use any excess funds if any on the policy to help you during this time.

Thank you all for your replies and suggestions. We will check our mortgage protection policy and start from there .
Thank you all again . .

Most mortgage protection policies will pay out in the cases of being diagnosed with a terminal illness. They do say that life expectancy is measured in months, not years, so it is unlikely they will pay out just yet. If you want any help, you can contact me directly at steven@bluewaterfp.ie



Steven
http://www.bluewaterfp.ie (www.bluewaterfp.ie)

Yes please check your mortgage protection, my brother had his mortgage cleared after his terminal illness diagnosis.

Thank you Seeryous, and sorry to hear about your brother.