Mortgage Insurance

How Mortgage Insurance works

Typically Mortgage insurance purchased through most lenders works the following:

1. You do not own the policy the Lender does.

2. The Lender is the beneficiary.

3. You cannot alter, renew or convert the policy.

4. If you choose to move your mortgage to another lender, you can’t transfer the policy.

5. The amount of coverage is the amount of the mortgage owing to the bank