Program Description
The Veterans’ Mortgage Life Insurance (VMLI)
program began in 1971, and is designed to provide financial protection to
cover eligible veterans’ home mortgages in the event of
death.
The maximum amount of mortgage
life insurance available for those who are eligible for a specially adapted
housing grant is $90,000. Protection is automatic unless the veteran
declines or does not provide sufficient mortgage information upon which to
issue insurance. VMLI coverage cannot be issued after age 69, but once
issued can be continued past age 70.
Premiums are automatically deducted from VA benefit payments. If the veteran
does not draw compensation, premiums must be submitted directly. Premiums
will continue to be deducted until the mortgage has been liquidated, the
home is sold, or the coverage terminates. If a mortgage is disposed of, VMLI
may be obtained on the mortgage of another home.
General Program Requirements
In order to qualify for this benefit program,
you must currently receive or be eligible to receive a specially adapted
housing grant.
To learn about the
Specially Adapted Housing Grant, you may want to visit
http://www.homeloans.va.gov/sah.htm.
Application Process
For more information, see the Program Contact Information below.
Program Contact Information
For more information, please
visit:
http://www.insurance.va.gov/buying.htm
You can call us toll free at:
1-800-669-8477
For the hearing impaired, please call:
1-800-829-4833
You can download a fact sheet at: http://www.vba.va.gov/VBA/benefits/factsheets/insurance/VMLIeg_0406.doc
Managing Agency
Veterans Benefits Administration (VBA)
http://www.vba.va.gov
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