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garv
Apprentice
Joined: 24 Jan 2006
Posts: 5
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 Posted: 12/04/07 - 05:54 Post subject: |
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| Hi! I have a problem regarding endowment policy. Ten years ago I bought a house with my wife and we obtained a mortgage loan from the bank for it. We have been living since then in this house with our son and my mother in law. Several months ago my wife was fired from her work and now we are left only with my salary. Because of our financial situation we are not able to pay our mortgage on time. I heard that is possible to do something with our endowment. Is this true? What is the procedure for doing this? Any advice would be helpful. |
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rena
Apprentice
Joined: 29 Dec 2006
Posts: 2
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| Posted: 01/03/08 - 01:30 Post subject: |
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| People usually don't consider all the facts before they get involved with mortgage. They don't really realize that it is a long commitment which will be hanging above them for 20 or 30 years. An endowment policy can be a way to pay off your mortgage. People sale their endowment policies every day as a method of paying off their mortgage. There are two problems when it comes to this. First is the shortfall and the second is miss-selling. Shortfall happens when your endowment policy hasn't increased enough to pay off your mortgage. This means that you will have to find some other way to pay off this part of the mortgage. Lots of people may have been miss-sold their endowment policy. It means that the policy was inappropriate for them. Hope this information is of any help. |
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