Basically, a homeowner may purchase life insurance in the amount of their mortgage loan, and for a duration that matches their home mortgage loan.
That way, should the homeowner die, their beneficiaries have the funds needed to pay off the remaining balance on the mortgage loan, and remain in the home they shared with the homeowner.
Life insurance on your mortgage gives you peace of mind knowing your loved ones will have a place to live should you die.
It also guarantees your fmaily will have the funds needed to cover the mortgage loan and remain in their home.
Learn more about how life insurance protects a mortgage.