Insured Mortgage
A mortgage in which a party other than the borrower, in return for the payment of a premium, assures payment in the event of default by a mortgagor such as FHA-insured mortgages, PMI (private mortgage insurance).
A mortgage in which a party other than the borrower, in return for the payment of a premium, assures payment in the event of default by a mortgagor such as FHA-insured mortgages, PMI (private mortgage insurance).