Real Estate definitions beginning with H

Hazard Insurance - permalink - collapse

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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

HECM (Reverse Mortgage) - permalink - collapse

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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)

HELP - permalink - collapse

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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

Historic structure - permalink - collapse

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A building that is officially recognized for its historic significance and has special status under the 1976 Tax Reform Act which encourages rehabilitation and discourages demolition or substantial alteration of the structure.
U.S. Census Bureau - Cite This Source - This Definition
Browse Related Terms: Certified historic structure, Cooperative (co-op), Familial Status, Home ownership, Housing unit, Single-family house, Two- to Four- Family Property

Holder - permalink - collapse

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Also the person or company which receives the financial payment or the mortgage either directly from the borrower or from a mortgage servicer.
U.S. Census Bureau - Cite This Source - This Definition
Browse Related Terms: Commercial bank, credit union, creditor, Equity loan, HECM (Reverse Mortgage), Home Equity Line of Credit, Line of credit, Mutual savings bank, Primary mortgage market, Reverse Mortgage (HECM)

Home Equity Conversion Mortgage (HECM) - permalink - collapse

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A special type of mortgage-developed and insured by the Federal Housing Administration (FHA) 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. Sometimes called a reverse mortgage.
Federal Trade Commission - Cite This Source - This Definition
Browse Related Terms: 203(k), EEM, Employer-Assisted Housing, FHA, FHA mortgage loan, Housing Counseling Agency, Purchase Money Mortgage

Home Equity Line of Credit - permalink - collapse

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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)

Home Equity Loan - permalink - collapse

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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.
US Department of Housing and Urban Development - Cite This Source - This Definition
A mortgage on the borrower's principal residence, usually for the purpose of making home improvements or debt consolidation.
Ginnie Mae - Cite This Source - This Definition
Browse Related Terms: Assessed Value, assessment, Assessments, Assessor, Capital Improvements, Property tax, Special assessment

Also listed in

All > Business > Banking
All > Business > Finance > Personal Finance

Home Inspection - permalink - collapse

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An examination of the structure and mechanical systems to determine a home's quality, soundness and safety; makes the potential homebuyer aware of any repairs that may be needed. The homebuyer generally pays inspection fees.
US Department of Housing and Urban Development - Cite This Source - This Definition
A thorough review of the physical aspects and condition of a home by a professional home inspector. This inspection should be completed prior to closing so that any repairs or changes can be completed before the transfer of the home is completed.
Ginnie Mae - Cite This Source - This Definition
A professional inspection of a home to determine the condition of the property. The inspection should include an evaluation of the plumbing, heating and cooling systems, roof, wiring, foundation and pest infestation.
Federal Trade Commission - Cite This Source - This Definition
Browse Related Terms: Amenity, Price Range, Termite Inspection, walk-through

Homeowner's insurance - permalink - collapse

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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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Homeowner's Warranty (HOW) - permalink - collapse

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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

Homeowners' Association - permalink - collapse

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An organization of homeowners residing within a particular area whose principal purpose is to ensure the provision and maintenance of community facilities and services for the common benefit of the residents.
Federal Trade Commission - Cite This Source - This Definition
Browse Related Terms: American Society of Home Inspectors, Federal Home Loan Bank Board, Federal savings bank, Fraternal organization, housing affordability index, Office of Thrift Supervision (OTS)

Home ownership - permalink - collapse

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The state of living in a structure that one owns.
U.S. Census Bureau - Cite This Source - This Definition
Browse Related Terms: Certified historic structure, Cooperative (co-op), Familial Status, Historic structure, Housing unit, Single-family house, Two- to Four- Family Property

Homeownership Education Classes - permalink - collapse

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Classes that stress the need to develop a strong credit history and offer information about how to get a mortgage approved, qualify for a loan, choose an affordable home, go through financing and closing processes, and avoid mortgage problems that cause people to lose their homes.
US Department of Housing and Urban Development - Cite This Source - This Definition
Browse Related Terms: Loan Fraud, Loan Officer, Loss Mitigation, mortgage broker, Mortgagee