Pt 2-What is mortgage loan insurance?
Q…..Pt 2-What is mortgage loan insurance?
from Zoocasa Ask the Pros
A….. In addition “Mortgage Loan Insurance” might mean the Life Insurance offered by your Lender to pay off your mortgagein the event you or your spouse dies.
Quickly – do NOT buy the insurance offered by the Lender … it’s a good deal for the Lender …. but lousy insurance – you pay, but they own the policy.
Get your own term (or other type) of Life Ins from a reputable Life Ins co and ask them to explain the differences – declining balance, constant payment, transfering the mortgage cancels the converage etc etc