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Glossary of Terms > M > Mortgage Life / Disability Insurance

Mortgage Life / Disability Insurance

A type of term life insurance often bought by borrowers. The amount of coverage decreases as the principal balance declines. In the event that the borrower dies while the policy is in force, the debt is satisfied by insurance proceeds. Some policies also cover the event of disability. In the case of disability insurance, the insurance will make the mortgage loan payment for a specified amount of time during the disability.

M Terms

Mandatory Disclosure

Margin

Maturity

Median Price

Mill Rate

Mixed-Use

Modification

Mortgage

Mortgage Broker

Mortgage Insurance

Mortgage Life / Disability Insurance

Mortgagee

Mortgagor

Multi-family Home

Multiple Listing Service