Yes and no. PPI or payment protection insurance is an add on to some loans that provide insurance like coverage to make the payments that come due when some event occurs that would typically prevent the borrower from paying the payment when due.
In the traditional sense of mortgage protection insurance, the insurance pays the remaining payoff balance on the mortgage in full rather than simply paying the payments due.
Full payment of the mortgage balance ensures that the surviving spouse or family has full ownership control over the real estate.
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In the traditional sense of mortgage protection insurance, the insurance pays the remaining payoff balance on the mortgage in full rather than simply paying the payments due.
Full payment of the mortgage balance ensures that the surviving spouse or family has full ownership control over the real estate.