Definition of Mortgage insurance

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Mortgage insurance Definition from Business & Finance Dictionaries & Glossaries
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Money paid to insure the mortgage when the down payment is less than 20 percent. See private mortgage insurance, FHA mortgage insurance. Mortgagee The lender
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For information on insurance guaranteeing payment of the mortgage in the event of death or disability, see mortgage life insurance.
Mortgage insurance (also known as mortgage guarantee) is an insurance policy which compensates lenders or investors for losses due to the default of a mortgage loan. Mortgage insurance can be either public or private depending upon the insurer. The policy is also known as a mortgage indemnity guarantee (MIG), particularly in the UK.

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