What is Mortgage Insurance?
DEFINITION [mortgage insurance protects the lender from losses related to borrower default and foreclosure]
Mortgage insurance is designed to repay mortgage debt in the event of death or long-term disability. The lender offers mortgage insurance which they are the beneficiary of but it is not mandatory to take it. Mortgage insurance is typically more expensive than life insurance – and while your premiums remain the same for the length of time that you’re insured, the potential pay out shrinks as you pay down your mortgage.
Mortgage life insurance your payout remains the same as long as you own it and you choose the beneficiary. The payout can be used as your beneficiary decides.
Please contact us for information specifically related to your situation as well as a quote for premiums and benefits.
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