You do not need Life Insurance to get a mortgage though Life insurance helps one to get a cut off cost on mortgage and it can be used to pay off the mortgage. Life insurance can also be used as a source of income when one cannot work because of sickness or disability.
1 Additional Answer
It is no requirment but mortgage lenders encourage all borrowers to take out a life insurance policy, but it's only necessary if you have a partner and/or children.
A mortgage loan, also referred to as a mortgage, is used by purchasers of real property to raise money to buy the property to be purchased or by existing property owners to raise funds for any purpose....