MRI (mortgage redemption insurance)

MRI (mortgage redemption insurance) — mandatory life insurance on the borrower, paying off the loan balance on death or disability, with premiums riding on top of the amortization (alongside fire insurance on the property). It’s why two loans with identical headline rates can cost differently per month — lesson 3.3’s rule is to compare all-in monthly cash out, MRI and fire insurance included, across every financing channel.

First used in: 3.3 · Loans head-to-head