Veterans' Mortgage Life Insurance (VMLI)
PL 110-289 Extends VMLI Coverage
Effective July 30, 2008, PL 110-289 extended VMLI to disabled active duty service members as well as service members and veterans who suffer from a severe burn injury.
The Veterans' Mortgage Life Insurance (VMLI) program provides
mortgage life insurance to severely disabled veterans and service members. It is designed
to pay off home mortgages of
disabled veterans and service members in the event of their death.
Only veterans and service members who have received a Specially
Adapted Housing Grant from VA are eligible for VMLI. This is a grant
to help a disabled veteran or service member 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 or service members 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 or service members 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 or service member complete VA
Form 29-8636, Application for Veterans' Mortgage Life Insurance.
If a veteran or service member does not apply for VMLI coverage at that time, VA will send a letter informing them that they are eligible for such coverage.
In addition to completing VA Form 29-8636, the veteran or service member must provide information about
their current mortgage.
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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