Mortgage insurance safeguards home-owners and their families from losing their homes in the event of death or permanent disability of the former. In the event that the homeowner has passed on with outstanding mortgage loans, this can become a potential financial burden to the rest of the family members if they are not prepared for it. If they are not able to continue servicing the loan, their home may be foreclosed, leaving them to be homeless. This is especially so for homeowners who reside in a private property.