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Mortgage insurance

Mortgage insurance refers to a insurance policy that guarantees repayment of a mortgage loan in the event of death or, possibly, disability of the mortgagor. It can also refer to protection for the lender in the event of default, usually covering a portion of the amount borrowed.

For example, Mr. Smith obtains a mortgage loan and, for an additional monthly premium, purchases mortgage insurance. To obtain a mortgage loan insured by the Federal Housing Administration, Mr. Smith must pay a mortgage insurance premium (MIP) equal to 2.25 percent of the loan amount. Depending on the loan-to-value ratio, there may be a monthly premium as well. Should Mr. Smith die before loan maturity, the policy will pay the remaining balance of the loan. This protects Mr. Smith's survivors from losing the property because of inability to continue the loan payments and also protects the mortgagee.

Types of Mortgage Insurance

Private Mortgage Insurance (PMI) is default insurance on conventional loans, provided by private insurance companies. The Homeowners Protection Act of 1998 allows PMI to be canceled when the amount owed reaches a certain level, particularly when the debt is less than 80 percent of the home's value, and automatically when the loan principal is less than 78 percent of its original cost. Mortgagee's Title Insurance is a policy that protects the lender from future claims to ownership of the mortgaged property. Generally required by the lender as a condition of making a mortgage. In the event of a successful ownership claim from someone other than the mortgagor, the insurance company compensates the lender for any consequent loses. Mortgagor's Title Insurance is a policy protecting the buyer/ owner of real property from successful claims of ownership interest to the property. The coverage usually is supplemental to a Mortgagee's Title Insurance policy, and the premium is customarily paid by the buyer.

 
   

 

 

About Hilton Head Island
With such an amazing variety of things to do on Hilton Head Island, somewhere, somebody is teeing up for the best round of golf they've ever played. Somewhere, a family of four is enjoying their Hilton Head vacation, strolling down a secluded beach as warm Atlantic waters lap at their feet. Somewhere, a couple is enjoying the pastel-colored sky of a beautiful Hilton Head Island sunset. Renowned as one of the world's most family-friendly destinations, Hilton Head Island offers unlimited opportunities for holiday memories and was recently named one of the top ten family beaches in the country. As an intimate getaway for two or an idyllic backdrop for a family reunion, the Island extends a variety of outdoor and indoor recreational activities. You'll notice that there's something different about Hilton Head the moment you arrive. By design, there is a sensitive nod to the environment that has become the blueprint for other developments around the nation. Buildings are set back from the main roads, showcasing the native pines and oaks. Colors are not flamboyant and bright; instead, they are subdued and blend with the natural environment. And bright streetlights here are as rare as snowstorms. A progressive land purchasing program undertaken by town leadership ensures that there's plenty of green wherever you go, and strict development guidelines ensure that the only thing between your eyes and a breathtaking view are your sunglasses. It's easy to see why more than 39,000 people have chosen to call the Island their permanent home. At the very foundation of the Hilton Head Island vacation experience is the community of full-time residents who work hard to make sure their Island is a clean, safe and enjoyable place to visit. You'll notice it in the friendly faces that greet you wherever you go. There is a relaxed and warm island attitude in the air, one that whispers "Welcome to Hilton Head Island. Hilton Head Island was named one of the Top 10 Family Beaches.

Hilton Head Island Attractions & Activities
Hilton Head Island fills your family's days with fun and activities. Pristine beaches, flexible accommodation options and endless recreation have made Hilton Head Island a first choice for family vacations. Both day and evening entertainment for the entire family is far reaching. Every April, the Verizon Heritage PGA TOUR golf tournament is played in Hilton Head Island and the Hilton Head Celebrity Golf Tournament is held on Labor Day Weekend. During the month of May, Hilton Head Island and the Lowcountry celebrate the area’s vibrant arts community and diverse cultural heritage through visual and performing arts events, cultural activities and programs with BRAVO-Celebrate the Arts! Budget friendly activities are available day and night on the Island. Families can venture to the top of the Harbour Town Lighthouse in Sea Pines for only a dollar each person. This activity offers a clear view of the Island’s south end as well as the eye pleasing Harbour Town Marina. Also available in Sea Pines is shopping, waterfront dining and horse back riding. Families could spend at entire day in Sea Pines alone. Other family friendly spots include Shelter Cove Harbour, Adventure Cove, the Coastal Discovery Museum and The Sandbox, An Interactive Children's Museum. Shelter Cove Harbour offers a variety of experiences such as shopping, kayaking, sailing and cruise excursions, fireworks and concerts. Activities at Adventure Cove include laser tag, bumper cars, video arcade, an indoor play room, miniature golf and more. Other miniature golf courses include Legendary Golf and Pirate’s Island Adventure Golf. The Coastal Discovery Museum offers programs, activities, and exhibits to make learning about Hilton Head and other sea islands an enjoyable experience. The museum is a great place to visit any time of the year. With indoor and outdoor exhibits, activity centers in the Sea Island Classroom, the History Time-line Exhibit and museum store, plus 11 different tours and cruises around the island, the museum is a fantastic way to become familiar with the Island's unique history and ecology. The Sandbox is a hands-on interactive museum filled with unique entertaining, and educational play areas to explore. At The Sandbox all the exhibits are designed to help children learn while having fun and bonding with each other and their caregivers. There are no “do not touch” signs at this Museum. Children can sail away on Captain William Hilton’s ship The Adventure, find their Passport to the World in the international airport terminal with a simulator plane ready to take the little ones anywhere, and visit the Loggerhead sandcastle filled with magic sand. For a more relaxing adventure, two multi-screened movie theaters and one independent film theater allow families to catch the latest on the silver screen. In addition, the stage is always set at the Arts Center of Coastal Carolina, the South Carolina Repertory Company and the May River Theatre Company.

Directions to Hilton Head Island

From I-95: Take Exit 8 (eight miles from the Georgia border) and go east following signs to Hilton Head Island. This is Highway 278 and you will travel about 18 miles and then you cross the bridge to Hilton Head. Continue over the bridge and look for signs for the Cross Island Expressway. If you are going to the south end of the island (Shipyard, Coligny, Forest Beach, Sea Pines) stay to your left and use the expressway (Toll $1) to save time. Otherwise, keep right and stay on Highway 278 Business. After you cross the bridge onto Hilton Head Island, look for the Welcome Center and Coastal Discovery Museum on your right. The Welcome Center has brochures on Hilton Head activities, additional maps and upcoming events. If flying into the Savannah/Hilton Head International Airport, take I-95 North and follow the above directions.