4 Questions about Veterans Mortgage Life Insurance

Veterans Mortgage
Life Insurance is insurance protection for up
to $200,000 for Veterans who have obtained a Specially
Adapted Housing Grant. These are our most severely
disabled of Veterans and our program ensures that their loved ones are protected in the event of their death. To be eligible for Veteran’s
Mortgage Life Insurance, the Veteran must have a Specially Adapted Housing Grant, have ownership in the residence, and be under the age of 70 at the time of application. If a Veteran owns the home
with their spouse, the entire mortgage
will be paid at the time of the Veteran’s death. However, if the Veteran owns a home jointly with another party, only the amount obligated
to the Veteran will be paid by the Veterans Mortgage
Life Insurance program. For our Veterans
Mortgage Life Insurance, it’s important to remember that the proceeds of the policy are paid directly
to the mortgage company after the death of the Veteran. We want to remind our family members not to pay off the mortgage prior to contacting the insurance division.

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