Protection against a specific loss, such as fire, wind etc., over a period of time that is secured by the payment of a regularly scheduled premium.
HECM (Reverse Mortgage)
The reverse mortgage is used by senior homeowners age 62 and older to convert the equity in their home into monthly streams of income and/or a line of credit to be repaid when they no longer occupy the home. a lending institution such as a mortgage lender, bank, credit union or savings and loan association funds the fha insured loan, commonly known as hecm.
HELP: Homebuyer Education Learning Program
homebuyer education learning program; an educational program from the fha that counsels people about the home buying process; help covers topics like budgeting, finding a home, getting a loan, and home maintenance; in most cases, completion of the program may entitle the homebuyer to a reduced initial fha mortgage insurance premium-from 2.25% to 1.75% of the home purchase price.
Home Equity Line of Credit
A mortgage loan, usually in second mortgage, allowing a borrower to obtain cash against the equity of a home, up to a predetermined amount.
Home Equity Loan
A loan backed by the value of a home (real estate). if the borrower defaults or does not pay the loan, the lender has some rights to the property. the borrower can usually claim a home equity loan as a tax deduction.home inspection
An insurance policy, also called hazard insurance, that combines protection against damage to a dwelling and its contents including fire, storms or other damages with protection against claims of negligence or inappropriate action that result in someone's injury or property damage. most lenders require homeowners insurance and may escrow the cost. flood insurance is generally not included in standard policies and must be purchased separately.
Property tax credit program, offered by some state governments, that provides reductions in property taxes to eligible households.
Offers protection for mechanical systems and attached appliances against unexpected repairs not covered by homeowner's insurance; coverage extends over a specific time period and does not cover the home's structure.
Housing Counseling Agency
Provides counseling and assistance to individuals on a variety of issues, including loan default, fair housing, and home buying.
The u.s. department of housing and urban development; established in 1965, hud works to create a decent home and suitable living environment for all americans; it does this by addressing housing needs, improving and developing american communities, and enforcing fair housing laws.
Also known as the "settlement sheet," or "closing statement" it itemizes all closing costs; must be given to the borrower at or before closing. items that appear on the statement include real estate commissions, loan fees, points, and escrow amounts.