What is MRI? (And Why You Can’t Get a Loan Without It)
Protecting Your Heirs, Not Just the Bank. When you take out a housing loan, you will see a fee for MRI (Mortgage Redemption Insurance). Many buyers try to remove it to save cash. You can’t. The Definition MRI is a life insurance policy tied to your loan. It’s a Safety Net Don’t look at it […]
Protecting Your Heirs, Not Just the Bank.
When you take out a housing loan, you will see a fee for MRI (Mortgage Redemption Insurance). Many buyers try to remove it to save cash. You can’t.
The Definition
MRI is a life insurance policy tied to your loan.
- If you pass away: The insurance pays off the remaining balance of the house.
- The Result: Your family gets the house debt-free. They do not inherit the monthly amortization.
It’s a Safety Net
Don’t look at it as an expense. Look at it as the ultimate gift to your family. If you go, the debt goes with you.
