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Veterans'
Mortgage Life Insurance
(1971 to present)
The
Veterans Mortgage Life Insurance (VMLI) program was begun in 1971
to provide mortgage life insurance to severely disabled veterans.
To be eligible, a veteran must have received a Specially
Adapted Housing Grant from VA. The purpose of such grants is to help the veteran
build or modify a home to accommodate his or her disabilities.
VMLI is payable only to the mortgage holder (i.e., a bank or mortgage
lender), not to a beneficiary. The amount of coverage equals the
amount of the mortgage still owed but the maximum can never exceed
$90,000. This is decreasing term insurance which has no loan or
cash values and pays no dividends. This program is still open
to new issues.
Return
to Program Descriptions Page
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