What is MORTGAGE REDEMPTION INSURANCE?

To repay the balance on a mortgage loan in case the mortgagor dies before payoff, one buys this type of decreasing-term life insurance policy.

More On This Topic



Link to This Definition
Did you find this definition of MORTGAGE REDEMPTION INSURANCE helpful? You can share it by copying the code below and adding it to your blog or web page.
Written and fact checked by The Law Dictionary