Definitions for "Mortgage Indemnity Insurance"
Provides cover for a mortgage lender for any loss they might suffer as a result of a property on which they provided a loan being sold for less than the amount of the loan.
An extra payment made to the mortgage lender, if you are borrowing more than the actual value of your home, so that he can take out insurance.
A payment to a mortgage lender so they can take out insurance if you are borrowing more than a certain percentage of the value of your home.