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“PPI” known as “Payment protection insurance” is a financial product that offers protection in the event that an unforeseen event occurs, and you find yourself unable to meet your monthly payments on a given finance agreement, be it a credit card, loan, mortgage, store card, or something similar.

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Private mortgage insurance is a form of insurance new homeowners are required to purchase. This often comes into play when the down payment is 20 percent or less of the property's valued price or sale price. The main reason for private mortgage insurance is to protect lenders in the case the new homeowner defaults on their home loan.

If you obtained a mortgage insurance policy in 2007 or later, you might qualify for a deduction on the amount you've paid toward the premiums. As part of the Protecting Americans from Tax Hikes Act, qualified mortgage insurance will be treated as tax-deductible interest through the end of 2016. via @AOL_Lifestyle Read more: http://www.aol.com/article/finance/2016/11/30/tax-deductions-2017-50-tax-write-offs-you-don-t-know-about/21617781/?a_dgi=aolshare_pinterest#fullscreen

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It is a type of mortgage insurance, used on conventional loans, that protects the lender should a borrower stop making payments on the loan