Mortgage Protection Payment Insurance

👉 Imagine you're at the grocery store and you're about to check out when someone approaches you, saying "Hey, do you want to help me with my mortgage?"

"Sure, I'm happy to help," you reply, shrugging your shoulders. "What's this? It looks like a mortgage protection payment insurance." "Um, no. This is not something we have in our insurance policies," the person replies. "What are they?" "The mortgage protection payment insurance, which is basically someone who pays for you if you die or lose money on your home loan," the person explains. "And it's a great way to get back on your feet after making a big mistake." "Wow, that sounds like a really important thing to know," you say. "But I'm not sure I understand all of this, do you mind explaining it to me?" The person nods and says, "Of course not. It's kind of like having a second chance at life where you can't afford your mortgage anymore." "Like, who is this second chance?" you ask. "That's the idea," the person replies. "It's basically someone who pays for you if your mortgage goes bad because they're not doing well financially, so you don't have to pay it off all by yourself." "So, it's like a loan that guarantees you won't be able to repay your mortgage in a certain time frame?" "You mean the term life insurance?" you ask. "Yes, exactly

Outrageously Funny Word Dictionary :: Mortgage Protection Payment Insurance

What is the definition of Mortgage Protection Payment Insurance? 🙋