Is Title Insurance a Scam? (Owner's vs. Lender's Policy)
Gemini said
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Video 32: Title Insurance Explained
Title: Is Title Insurance a Scam? (Owner's vs. Lender's Policy)
Script:
You might see a line item on your closing disclosure for "Title Insurance" and wonder if it is really necessary or just another junk fee.
There are actually two different types of title insurance policies involved in your transaction: the Lender's Policy and the Owner's Policy.
The Lender's Policy is mandatory because it protects the bank's investment in case someone from the past claims they actually own the property.
The Owner's Policy is optional in many states, but skipping it is a massive gamble that could cost you your entire home equity.
If a long-lost heir, an unpaid contractor, or a previous spouse suddenly appears with a legal claim to the deed, the Owner's Policy pays for your legal defense.
Without this one-time payment, you would have to pay tens of thousands of dollars in court fees out of your own pocket to prove you own the house.
It is the only insurance you pay for once at closing that protects you forever, as long as you or your heirs own the property.
Visit https://www.google.com/search?q=MyMor... to read real horror stories of why you should never decline Owner's Title Insurance.
Description:
Is "Title Insurance" a waste of money? 📜 Why do you have to pay for it? We explain the difference between the Lender's Policy (Mandatory) and the Owner's Policy (Optional but Critical).
👇 Why You Need Title Insurance:
🌐 https://MyMortgageRefinance.com
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