You can never predict what happens next in your life or the nearby future.This is the reason that everyone is advised to have a life insurance so that in case of any mishap the family members dependent on you are at least secured financial wise for them to continue even in your absence without much financial problems.Life insurance is like a protective net for your family against the mortgage repayments, raising children or education costs in case of your untimely death within the specified period of the insurance policy.
A mortgage loan, also referred to as a mortgage, is used by purchasers of real property to raise money to buy the property to be purchased or by existing property owners to raise funds for any purpose. The loan is "secured" on the borrower's property. This means that a legal mechanism is put in place which allows the lender to take possession and sell the secured property ("foreclosure" or "repossession") to pay off the loan in the event that the borrower defaults on the loan or otherwise fails to abide by its terms. The word mortgage is derived from a "law French" term used by English lawyers in the Middle Ages meaning "death pledge", and refers to the pledge ending (dying) when either the obligation is fulfilled or the property is taken through foreclosure. Mortgage can also be described as "a borrower giving consideration in the form of a collateral for a benefit (loan).