US: A life or health insurance policy intended to pay off the balance of a mortgage upon death or to meet payments on the mortgage in case of disability. Also known as “mortgage redemption insurance.”
***
Life insurance that pays the balance of a mortgage if the mortgagor (insured) dies.
***
To cover default in repayment of loans for housing. This scheme is expected to accelerate housing finance activity by improving liquidity of institutions financing housing and by reducing the quantum of initial down payments by the borrowers.