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…