How to get rid of mortgage insurance payments

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DEAR BOB: I have been making mortgage insurance payments on my home loan for 11 years. The bank tells me I need to make these payments for the life of the loan. But friends have told me that is not true. What are the facts? --John O. DEAR JOHN: The answer depends on the type of home loan you have. If you have an FHA home loan, it is virtually impossible to get the FHA mortgage insurance premium cancelled by your lender. No FHA mortgage lender in their right mind would give up the FHA mortgage insurance benefit. Purchase Bob Bruss reports online. The only way to get rid of the obviously unnecessary FHA mortgage insurance premium is to refinance your mortgage with a lender who doesn't require mortgage insurance. However, if you have a conventional mortgage and you have more than 20 percent home equity, most lenders will cancel PMI (private mortgage insurance) premiums if you have an on-time payment record and if the mortgage is at least 24 months old. RECOMMENDED BOOK ON LIVING TRUSTS D...