| I had thought, years ago that the perfect adjunct to the closing biz would be mortgage only life insurance. Many clients, years ago mistakenly thought PMI would pay off their loan in the event of their death. Of course it doesn't. There is an insurance product that does (if it's still offered by any insurance cos.) The premiums are very reasonable and go down every year as the mortgage balance reduces. Such insurance licensing in PA was relatively easy and I had considered doing that as I had passed other licensing test before. A note of caution....lenders and SS' would not approve of an SA soliciting this business while conducting a closing so if anyone would consider this the sales pitch would have to be made some time after the closing. That's why I never did it. I would imagine you would be blackballed if a lender, title Co or SS found out you were selling this. That being said, a lot of people would like to have the coverage and there would no better time to offer it than when a refi was done. |
