The obligation of a mortgage refers to the legal agreement between a borrower and a lender, where the borrower pledges their property as security for repayment of a loan. Full definition
Many people will get a term life insurance policy to cover them in their younger days and their financial obligations of a mortgage and children. (smartasset.com)
Mortgage insurance is an insurance policy that protects a mortgage lender or title holder in the event that the borrower defaults on payments, dies or is otherwise unable to meet the contractual obligations of the mortgage. (investopedia.com)
Mortgage insurance is a policy that protects the mortgage lender (most often a bank) in the event that the borrower (most often the homeowner) defaults on payments, dies, or is unable to meet the financial obligations of the mortgage. (armourinsurance.ca)