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Real Estate - Same or similar to "property insurance." See also "property insurance."
U.S. Census Bureau - Cite This Source - This Definition - 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.
US Department of Housing and Urban Development - Cite This Source - This Definition - A form of insurance that protects the owner of the insured property against losses from physical damage such as fire and tornadoes. Mortgage lenders often require a borrower to maintain an amount of hazard insurance on the property that is equal at least to the amount of the mortgage loan.
Ginnie Mae - Cite This Source - This Definition - Insurance coverage that compensates for physical damage to a property from fire, wind, vandalism, or other covered hazards or natural disasters.
Federal Trade Commission - Cite This Source - This Definition - Browse Related Terms: Casualty Protection, Deductible, Disclosures, Fire insurance, Flood Insurance, Home Warranty, Homeowner's insurance, Insurance, Liability Insurance, Mortgage Life Insurance, Owner's Policy, Perils, Property insurance, Rollover, Title insurance
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Real Estate - 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.
US Department of Housing and Urban Development - Cite This Source - This Definition - Browse Related Terms: Commercial bank, credit union, creditor, Equity loan, Holder, Home Equity Line of Credit, Line of credit, Mutual savings bank, Primary mortgage market, Reverse Mortgage (HECM)
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Real Estate - 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.
US Department of Housing and Urban Development - Cite This Source - This Definition - Browse Related Terms: Loan Servicer, Mortgage banker/Mortgage company, Mortgage servicing, PITIO, Quality Control, Tax and insurance escrow, Taxes and Insurance
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Real Estate - See "home equity line of credit" under "mortgage."
U.S. Census Bureau - Cite This Source - This Definition - A mortgage loan, usually in second mortgage, allowing a borrower to obtain cash against the equity of a home, up to a predetermined amount.
US Department of Housing and Urban Development - Cite This Source - This Definition - A type of revolving loan, that enables a home owner 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 the property.
Federal Trade Commission - Cite This Source - This Definition - Browse Related Terms: Commercial bank, credit union, creditor, Equity loan, HECM (Reverse Mortgage), Holder, Line of credit, Mutual savings bank, Primary mortgage market, Reverse Mortgage (HECM)
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Real Estate - 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.
US Department of Housing and Urban Development - Cite This Source - This Definition - A form of insurance that protects the owner of the insured property against loss from theft, liability and most common disasters.
Ginnie Mae - Cite This Source - This Definition - A policy that protects you and the lender from fire or flood, which damages the structure of the house; a liability, such as an injury to a visitor to your home; or damage to your personal property, such as your furniture, clothes or appliances
Federal Trade Commission - Cite This Source - This Definition - Browse Related Terms: Casualty Protection, Deductible, Disclosures, Fire insurance, Flood Insurance, Hazard Insurance, Home Warranty, Insurance, Liability Insurance, Mortgage Life Insurance, Owner's Policy, Perils, Property insurance, Rollover, Title insurance
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Real Estate - Insurance offered by a seller that covers certain home repairs and fixtures for a specified period of time.
Federal Trade Commission - Cite This Source - This Definition - Browse Related Terms: Acceptance, Contingency, Counter-offer, Deposit (Earnest Money), earnest money, Earnest Money Deposit, escape clause, Listing Agreement, Offer, Purchase and Sale Agreement, Ratified Sales Contract, Right of First Refusal, Walkthrough
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Real Estate - Property tax credit program, offered by some state governments, that provides reductions in property taxes to eligible households.
US Department of Housing and Urban Development - Cite This Source - This Definition - Browse Related Terms: Collection Account, Credit, Credit bureau, credit counseling, Credit Grantor, Credit History, Credit Life Insurance, Credit Repair Companies, Credit report, Fair Credit Reporting Act, Merged Credit Report, National Credit Repositories
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Real Estate - 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.
US Department of Housing and Urban Development - Cite This Source - This Definition - Browse Related Terms: Casualty Protection, Deductible, Disclosures, Fire insurance, Flood Insurance, Hazard Insurance, Homeowner's insurance, Insurance, Liability Insurance, Mortgage Life Insurance, Owner's Policy, Perils, Property insurance, Rollover, Title insurance