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An account held by the mortgage lender and used to cover property taxes and homeowner's insurance...

An account held by the mortgage lender and used to cover property taxes and homeowner's insurance is known as a(n)?

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An account held by the mortgage lender and used to cover property taxes and homeowner's insurance is known as an escrow account. An escrow account is also called as an impound account. in an escrow account, money is deposited from our monthly mortgage payments. The expenses of property taxes and homeowner's insurance are paid into this account through mortgage servicer or lender on our behalf (money is deposited by us and the account is managed by servicer or lender).

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