What is MRI?

Hi there, luv! Mortgage Redemption Insurance (MRI) is a term insurance coverage for the loan borrower with the Bank as the beneficiary. Banks typically require borrowers to have an MRI when granting loans with a property collateral. For example: in case of death of the borrower, having an MRI avoids foreclosure of the mortgaged property at a time when financial support is needed most. XOXO