Mortgage insurance
Type of insurance policy / From Wikipedia, the free encyclopedia
For insurance guaranteeing payment of the mortgage in the event of death or disability, see Mortgage life insurance.
Mortgage insurance (also known as mortgage guarantee and home-loan insurance) is an insurance policy which compensates lenders or investors in mortgage-backed securities for losses due to the default of a mortgage loan. Mortgage insurance can be either public or private depending upon the insurer. The policy is also known as a mortgage indemnity guarantee (MIG), particularly in the UK.