My take on mortgage insurance is that it’s not always the best form of insurance.

What do you want to happen to your house when/if you die? Do you have family that you want to continue to live in it? Maybe it’s worth it… but life insurance would do the same thing – and offer a fixed $ value, vs a declining $ value. Mortgage insurance pays off the balance – which in theory goes down with every payment.

Personally – I have term life to pay off the mortgage if I die.

But if you are a high risk for life insurance (say you skydive, or some other risky activity that life insurance companies don’t like) – then mortgage insurance might be the cheaper move.