Insurance typically required by lenders for borrowers with a down payment less than 20%, indemnifying the lender in the case of foreclosure.
A Mortgage Insurance Policy is designed to protect lenders and borrowers in mortgage agreements by covering payments in certain situations, such as default or borrower death.
Mortgage Life Insurance is a type of term life insurance specifically designed to pay off the remaining mortgage debt in the event of the policyholder's death, thus ensuring that the surviving household members are not burdened with the mortgage debt.
