What exactly is Mortgage Insurance?

Tips and Deals Forums Home Insurance What exactly is Mortgage Insurance?

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      What is Mortgage Insurance and what is its purpose? I know someone who recently lost their home due to a fire. They didnt have homeowners insurance but still owed the bank roughly $ 5,000 on the home. Will this “Mortgage Insurance” cover the loss and more importantly the $ 5,000 that was left on the note?

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