Definition of "Insured mortgage"

Brianna Sawyer real estate agent
Brianna Sawyer, Real Estate Agent Investors Inc

Same as term insured loan: A loan indemnified against default by the borrower. Such loans may be a mortgage loan insured by a standard mortgage insurance policy or by FHA mortgage insurance. In the event of the death or default of the borrower, the mortgage insurance policy will either pay the mortgage principal entirely, or continues making payments.

 

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