Mortgage life insurance is a type of financial product that ensures mortgage repayment in the event of the borrower's death or disability, safeguarding the homeowner's family and the lender.
A Satisfaction of Mortgage, also known as a Satisfaction Piece, is a document provided by a lender to confirm that a mortgage has been fully repaid by the borrower, thereby releasing the property from the lien of the mortgage.
A Variable-Payment Plan is a mortgage repayment schedule that allows for periodic changes in monthly payments. These changes can result from the expiration of an interest-only period, a planned step-up in payments, or fluctuations in an interest rate index.
