Mortgage Protection
Your Investment
Your home is your biggest investment, are you protecting it? Mortgage Protection makes sure your lender is paid if you the borrower passes. Mortgage protection can also help with payment if you become to disabled too work.
Family First
Regardless if your loan has MPI or FHA insurance, it can be a good idea to buy an MPI policy if you can’t afford a traditional life insurance policy and want to ensure your home goes to your heirs. They will have the opportunity to take over the payment, but it’s not always easy to budget for a cost you aren’t expecting.
Mortgage Protection vs FHA Mortgage Insurance
MPI also isn’t the same thing as the mortgage insurance you pay on an FHA loan. When you take an FHA loan, you must pay both an upfront mortgage insurance premium and a monthly premium. Like MPI, FHA insurance payments protect the lender against default on mortgages. However, FHA mortgage insurance affords you no protection as the homeowner.
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