Mortgage Insurance
Mortgage Default Insurance
Government-backed or private-backed insurance protecting the lender against the borrower's default on high ratio (or other types) of mortgages. Mortgage Default Insurance pays the lender if the borrower defaults on making payments. Such insurance is required by law for high ratio mortgages (those for an amount greater than 80% of the value of the property). Current providers of mortgage default insurance; Canada Mortgage and Housing Corporation (CMHC) and Genworth Financial Canada. For more information, you can visit their web sites at: