Unfortunately, private mortgage insurance, or PMI, will not pay off your loan if you die. Instead, this insurance benefits your lender if you don’t repay your debt. If you want to be sure your mortgage is taken care of if you die, you may want to choose mortgage protection insurance, or MPI.
A cash-out refinance lets you refinance your mortgage, borrow more than you currently owe and keep the difference as cash. Here's what else you should know .. The appraisal value may impact how much money you can take out, as it. reasons why you want a cash-out refi, the arrangement might not.