PHILADELPHIA, PA, February 25, 2013 /24-7PressRelease/
-- The decision to purchase a home, and take out a home loan, represents one of the most significant financial commitments that a consumer can make--and as such, it is critical for borrowers to consider all of the options available to them for protecting their investments. One way to do this is by obtaining home mortgage insurance--but according to a recent report out of the UK, home mortgage insurance has fallen on hard times, with many lenders offering inadequate coverage and many homeowners eschewing coverage altogether. The article calls for banking institutions and lenders to devise new solutions for protecting borrowers--and it has won the attention and the affirmation of Thomas Reeh
Thomas Reeh has worked in Australia's financial services industry for more than two decades. Currently, he manages a team of more than 300 financial representatives, spread across Melbourne and Tasmania. His zeal is for protecting the investments of clients throughout the region--including mortgage investments. Thomas Reeh has weighed in on the UK report with a statement to the press, ultimately underscoring the importance of home mortgage insurance.
"The fundamental premise of insurance is about protecting yourself and your family from the event of misfortune," notes Thomas Reeh, in his press statement. "There is an increasing danger that customers taking out mortgages, the largest financial contract they will ever enter into, are doing so without protecting themselves from the event of misfortune."
After citing this increasingly common danger, Thomas Reeh moves on to affirming the crucial role of mortgage protection insurance. "Despite all the bad press about PPI and mis-selling, borrowers and lenders still need to ask themselves, what if? Household incomes have never been more stretched, job security is low, and the possibility of falling seriously ill or having an accident is ever-present. How do you pay the mortgage, then?"
Thomas Reeh concludes his statement by simply highlighting the urgency of this problem. "The financial services industry desperately needs some workable solutions or we risk significant social consequences should the economic climate worsen," he warns.
Meanwhile, the article from the UK notes that some lenders are beginning to weigh new options for consumer mortgage protection, but these new options have been met with mixed reviews. Short-term insurance plans are being implemented by some lenders, but critics say that these short-term plans can be highly variable in terms of the quality of coverage.
The report echoes Thomas Reeh's sense of urgency, noting that many homeowners currently lack mortgage protection coverage despite the fact that, in the current economic climate, such protection is direly needed.
is a financial services professional with more than 21 years of experience. He currently works in a managerial role, overseeing the practices of some 300 financial planners across the Melbourne and Tasmania areas. He is also a staunch supporter of The Future2 Foundation, a non-profit group established by members of Australia's financial services profession. The Future2 Foundation seeks to make a difference in the lives of Australia's underprivileged young people.
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