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What is mortgage life insurance?

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Mortgage insurance is mortgage insurance, usually sold to the applicant at the closing of the purchase of a house. At the title company. It has nothing to do with life insurance, per se, because upon death of the insured, the LOAN is paid off. The survivor RECEIVED NO CHECK.
Life insurance, on the other hand, has nothing to do with mortgage insurance. Upon death of the insured, the SURVIVOR, not the title company, receives a check for the amount of the death benefit. You cannot find the word mortgage on what is euphemistically called by the agent "MORTAGE LIFE INSURANCE".
The same answer applies, in general, to the question what is term life insurance. Mortgage life insuranceMortgage life insurance is a form of decreasing term life insurance. It pays off your mortgage if you die.

Mortgage life insurance is often confused with Private Mortgage Insurance (PMI). You buy mortgage life voluntarily to protect your survivors from having to make the monthly payments. But with Private Mortgage Insurance, lenders require you to buy a policy in order to protect them (the lenders) against the possibility that you will default on the debt.

Mortgage life insurance is a life insurance policy that one would take out on themselves or another person involved in a mortgage take out on a home or business so that if they should die the mortgage can be paid off. As the amount of the mortgage is paid down the amount of life insurance received is lowered. This type of life insurance will never pay more than the amount of the remaining mortgage.

Given the relatively low cost of term life insurance on a healthy person, one might consider buying a decreasing term life insurance policy at the inception of the mortgage, rather than as part of the real estate transaction. The trick is to correlate the period of the decreasing term with the amortization of the mortgage.
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Do you legally have to have home insurance to get a mortgage?

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Is Mortgage Protection Life Insurance a good idea?

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Can you get mortgage insurance on a reverse mortgage?

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What is a private mortgage insurance?

This is often called PMI and costs anywhere from $10.00 to hundreds  a month on your house payment, and is REQUIRED on all conventional  mortgages for A paper loans (A paper

What does Private Mortgage Insurance cover?

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no. If you have a loan greater than 80% of the value of the home and the lender requires mortgage insurance, then it is not optional.

What is the benefit of private mortgage insurance?

PMI plays an important role in the mortgage industry by protecting a lender against loss if a borrower defaults on a loan and by enabling borrowers with less cash to have grea

What is a good company in Washington to get mortgage life and disability insurance from?

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