What are the 3 worst things that can happen to anyone?
They are 1) Death 2) Disability 3) Job retrenchment
In these scenario, the person who did not use up his cash or cpf to reduce his loan, his dependants would actually be in better financial position than after he reduced his loan.
So, if you still think that you are 'taking care' of your family by trying to be in hurry to pay off or reduce your housing loan, Think Again. You are actually putting your family in a worse financial position.
Thus a smarter way is to take up mortgage insurance instead of being in a hurry to pay off your housing loan quickly. In the event of death and total disability, your housing loan will be fully paid off and your family will have access to more cash than the family with the housing loan paid up.
Hope this sharing will can change your perspective and help uncover more ways you can 'create' money by financing your property wisely. Share this information to more people your care so they can benefit as well!
(Articles also shared from a local financial practitioner's magazine)
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