Mortgage Insurance

Many
homeowners often get mortgage insurance confused with PMI (private
mortgage insurance). PMI is the product in which homeowners are
required to purchase to protect the lender in the event of them
defaulting on their loan. Mortgage insurance is the same thing as
mortgage protection and term life insurance, in that a life insurance
policyis used to protect the homeowner’s family in the unexpected event
of their death. Upon the death of the insured homeowner, the coverage
amount of the mortgage insurance policy would be given to the
beneficiary(ies) to pay off the mortgage and any other debts or
expenses. Read More about Mortgage Insurance…