Posts by amberskipper702

thanks 😘

Yeah, I get it now... thanks a ton.🙂

Can I just ask JPMorgan Chase for this table if I can't dig it up in my own paperwork?

Steven Reed said:Give JPMorgan Chase a call (assuming those are their policies). That first option—the single premium one—actually carries some cash value. Once your loan principal drops to a certain point, you could theoretically use that policy's value to settle the debt entirely.
The other one? That’s pure risk coverage (like standard fire insurance)—if nothing burns down during the term, you walk away with zero.

Uh... thanks.🙂

Yeah, the policies are through JPMorgan Chase...

I totally get how the second one works (accidents, fire, whatever)...

it was just that first one that had me tripping out...

So, what actually happens if I pay off the mortgage early?

I don't think so... that second option is way too risky...

Where can I even check that?

Honestly, me and my online banking app are basically at war right now...😁

Back in 2007—when I was stuck signing for that mortgage—I was forced into taking out two separate insurance policies just to get the deal done.

First thing you gotta look at is the life insurance policy... specifically those single-premium deals.

Then there’s the second one—the accident and fire insurance. I pay for that on an annual basis.

So, here’s what I’m actually wondering about...

So, what happens to my first insurance policy if I decide to pay off my loan early one day?
Is she just gonna automatically knock that off my principal?

I get the whole second insurance policy thing... but if nothing actually happens to the apartment—well, the wolf eats the donkey. It’s all their money anyway.