Mortgage Insurance (MI) + Private Mortgage Insurance (PMI) vs Mortgage Protection Insurance (MPI) + Mortgage Insurance Protection (MIP)
Both Mortgage Insurance (MI) and Private Mortgage Insurance (PMI) are a type of mortgage insurance one might be required to pay for with a conventional mortgage, which only protects the lender should the borrower stop making payments on the loan. These insurances can be avoided with virtually all HELOCs.
On the other hand Mortgage Protection Insurance (MPI), also known as Mortgage Insurance Protection (MIP), is a type of insurance is for the borrower of a loan, which will cover loan payments in cases of job loss, becoming disabled or death.
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