While pursuing the CeMAP qualification, the delegates learn about the different options that are available to the borrowers, which include the different types of mortgages, insurance and the general financial information. An endowment mortgage is one of the forms of mortgage which is used like a savings plan, wherein the buyer pays the interest on their mortgage and in addition to this they also make payments to the savings plan.
The policy is designed in such a way that by the time the term of your mortgage is over, the savings account should grow at such a rate that it would be more than enough to repay the mortgage amount. Further it is important to note one of the most important features of the endowment policy which has an in built system for the life insurance of the borrower, incase the borrower passes away then proceeds can be paid through the endowment mortgage.
The policy is designed in such a way that by the time the term of your mortgage is over, the savings account should grow at such a rate that it would be more than enough to repay the mortgage amount. Further it is important to note one of the most important features of the endowment policy which has an in built system for the life insurance of the borrower, incase the borrower passes away then proceeds can be paid through the endowment mortgage.