A type of insurance that will pay off a mortgage if the borrower dies while the loan is outstanding; a form of credit life insurance.
A term life insurance policy for the amount of the declining balance of a loan that is secured by a mortgage or deed of trust. This is not the same as mortgage insurance and should not be reported as such.
- Browse Related Terms: Acceleration, acceleration clause, cash-out refinancing, due-on-sale, Due-on-sale Clause, Loan Acceleration, Maturity, Mortgage Acceleration Clause, Mortgage life insurance, Principal, Revolving Debt
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