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hazard insurance
Insurance coverage that compensates for physical damage to a property from
fire, wind, vandalism, or other hazards.
Home Equity Conversion Mortgage (HECM)
A special type of mortgage that enables older home owners to convert the
equity they have in their homes into cash, using a variety of payment
options to address their specific financial needs. Unlike traditional home
equity loans, a borrower does not qualify on the basis of income but on
the value of his or her home. In addition, the loan does not have to be
repaid until the borrower no longer occupies the property. Sometimes
called a reverse mortgage.
home equity line of credit
A mortgage loan, which is usually in a subordinate position, that allows
the borrower to obtain multiple advances of the loan proceeds at his or
her own discretion, up to an amount that represents a specified percentage
of the borrower's equity in a property.
home inspection
A thorough inspection that evaluates the structural and mechanical
condition of a property. A satisfactory home inspection is often included
as a contingency by the purchaser. Contrast with appraisal.
HomeKeeperSM
Fannie Mae's adjustable-rate conventional reverse mortgage, which allows
older homeowners to borrow against the value of their homes and receive
the proceeds according to the payment option they select. The amount
available is based on the number of borrowers and their ages and the
adjusted property value. Anyone 62 years or older who either owns his or
her own home free and clear or has very low mortgage debt is eligible.
homeowners' association
A nonprofit association that manages the common areas of a planned unit
development (PUD) or condominium project. In a condominium project, it has
no ownership interest in the common elements. In a PUD project, it holds
title to the common elements.
homeowner's insurance
An insurance policy that combines personal liability insurance and hazard
insurance coverage for a dwelling and its contents.
homeowner's warranty (HOW)
A type of insurance that covers repairs to specified parts of a house for
a specific period of time. It is provided by the builder or property
seller as a condition of the sale.
HomeStyle® Mortgage Loan
A mortgage that enables eligible borrowers to obtain financing to remodel,
repair, and upgrade their existing homes or homes that they are
purchasing. The financing takes the form of a conventional second mortgage
or a Federal Housing Administration (FHA) Section 203(k) first mortgage.
housing expense ratio
The percentage of gross monthly income that goes toward paying housing
expenses.
HUD median income
Median family income for a particular county or metropolitan statistical
area (MSA), as estimated by the Department of Housing and Urban
Development (HUD).
HUD-1 statement
A document that provides an itemized listing of the funds that are payable
at closing. Items that appear on the statement include real estate
commissions, loan fees, points, and initial escrow amounts. Each item on
the statement is represented by a separate number within a standardized
numbering system. The totals at the bottom of the HUD-1 statement define
the seller's net proceeds and the buyer's net payment at closing. The
blank form for the statement is published by the Department of Housing and
Urban Development (HUD). The HUD-1 statement is also known as the
"closing statement" or "settlement sheet."
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