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Veterans' Mortgage Life Insurance (VMLI)
The Veterans' Mortgage Life Insurance (VMLI) program provides
mortgage life insurance to severely disabled veterans. It is designed
to pay off home mortgages of
disabled veterans in the event of their death.
Only veterans who have received a Specially
Adapted Housing Grant from VA are eligible for VMLI. This is a grant
to help a disabled veteran build or modify a home to accommodate his or her
disabilities.
VMLI provides up to $90,000 mortgage life insurance payable to
the mortgage holder (i.e., a bank or mortgage lender), in the
event of the veterans death. The amount
of coverage will equal the amount of the mortgage still owed, but the maximum
can never exceed $90,000. VMLI is decreasing term insurance which reduces
as the amount of the mortgage reduced. VMLI has no loan or cash
values and pays
no dividends.
We have a premium calculator available to help you determine
your VMLI premium amount. Follow this link to use the VMLI
Premium Calculator.
Veterans who receive a grant for the purchase of Specially
Adapted Housing are advised by Loan Guaranty personnel at their interview
of their eligibility for
life insurance to cover the unpaid mortgage on their home. The Specially
Adapted Housing Agent will help the veteran complete VA
Form 29-8636, Application for Veterans' Mortgage Life Insurance.
If a veteran does not apply for VMLI coverage at that time a letter will
be
sent
by VA to
the veteran again informing them that they are eligible for such coverage.
In addition to completing VA Form 29-8636, the veteran must provide evidence
of
their current mortgage balance.
You can get more information about VMLI by downloading and viewing
the VMLI
Brochure. The application for VMLI, VA
Form 29-8636, Application for Veterans' Mortgage Life Insurance is
also available for download from this site.
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