Mortgage Protection Insurance (MPI)
Mortgage Protection Insurance is a type of life insurance designed to pay off your mortgage if you pass away. A home mortgage is typically any American family’s biggest investment and their largest monthly expense. Mortgage protection insurance is an investment into your family’s future. With the proper coverage, you can rest easy knowing your family will never lose their home, even if an unthinkable tragedy should occur.
Not to be Confused with PMI & MIP
Private Mortgage Insurance, or PMI, protects the lender in case you default. You're usually required to pay for PMI if you make a down payment that's less than 20% on a conventional loan. Mortgage Insurance Premium, or MIP, refers to a type of mortgage insurance required for FHA loans, which allows for very low-down payments, such as 3.5%. Neither of these is a life insurance product and should not be mistaken for Mortgage Protection Insurance.