URGENT HELP!!! Life insurance for re-mortgage?

This loan for 87000 is Payable? or re-payable? First way is loan company is paying you 87000 for 11 years - and re-payable is how much your paying back for the 87000 in the time frame of 11 years. There are no other life insurance company that will accept your business. Life Insurance policies do not name Mortgage companies as BENEFICARIES! - check that out if you like. This mortgage your applying for - stipulates that you buy their insurance, its not an option.