burningkrome

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About burningkrome

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  • Location Germany
  • Nationality usa
  • Gender Male
  • Year of birth 1968
  • Interests Biotechnology/Bioengineering
    Fencing
    Photography
    SCUBA
  1. Hi,    I'm looking for a good English speaking indoor house painter in the Karlsruhe area. Doesn't have to be really fluent, but enough to talk. Can anyone make some recommendations, or point me to a source?   Thanks!  
  2. Life insurance required for home loan

    @karin_brenig Really great post! Thanks again!  
  3. Life insurance required for home loan

    @karin_brenig @john g.   Thanks for all the input. Two additional questions...   1. Are you familiar with Restschuldversicherung. How does this differ from other insurance plans, specifically as to how it relates to mortgages. My wife and I, being older, do have concerns about qualifying for life insurance.    2. One question that I have been unable to really clarify is; is the insurance required for a mortgage loan, or only strongly recommended. If it is not always required, how do I clarify if it is optional. If we choose not to get life insurance, will our mortgage payments increase?     Much of this is confusing, because it seems a bit - to be honest - discriminatory. My wife and I are unquestioningly able to afford the payments (of both the mortgage and even expensive life insurance.) However, since the bank ultimately holds the lien on the house - requiring life insurance seems unneeded to protect the bank. It protects US, of course. But by what logic do they require it, when they certainly endure little to no additional risk should one of us die and the other be unable to afford the house. It feels like a "filtering obstacle" (similar to requiring the loan to be paid off before retiring.) Something to simply disqualify people who are older or disabled.  
  4. Life insurance required for home loan

    We're in the process of securing a home loan. I'm working with a loan adviser (who finds the banks and organizes the loan application.) Both of the loan options she has arranged require life insurance for the outstanding portion of the loan, to be carried for the entire term of the loan.    Is this common? Is it legally required, or just a requirement from these two banks? Under what circumstances is this required, or can it be waived? Is it possible to find out which banks do, and do not require this?