My mother In-Law is 62 and wants to retire at 63 or 65. She keeps talking about Mortgage Insurance. What is it? What does it cover? I want to know the big reasons for even getting this type of insurance. If it even exists!!!! Oh, she has a blood disease and could pass away within a year or within 5 years and she still has a mortgage for $80,000.

Mortgage insurance works the same way as life insurance. If your in-law were to die, the mortgage insurance would cover the outstanding loan on the mortgage.















I work in life insurance. You can also get life insurance to cover expenses in the event death such as college tuition for the children or paying off the house.















Based on her health, I would definately explore the mortgage insurance first.















Good Luck!!!