what is mortgage insurance 
mortgage insurance is an insurance policy that protects a mortgage lender or titleholder if the borrower defaults on payments passes away or is otherwise unable to meet the contractual obligations of the mortgage mortgage insurance can refer to private mortgage insurance pmi qualified mortgage insurance premium mip insurance or mortgage title insurance what these have in common is an obligation to make the lender or property holder whole in the event of specific cases of loss mortgage life insurance on the other hand sounds similar but is designed to protect heirs if the borrower dies while owing mortgage payments it may pay off either the lender or the heirs depending on the terms of the policy 