Veterans' Mortgage Life Insurance (VMLI)
What Is Veterans Mortgage Life Insurance (VMLI)?
Veterans Mortgage Life Insurance (VMLI) is an insurance program that provides insurance coverage on the home mortgages of certain severely disabled veterans.
Who Is Eligible?
VMLI is only available to veterans with severe service-connected disabilities who:
received a Specially Adapted Housing (SAH) grant from VA for assistance in building, remodeling, or purchasing an adapted home;
and
have title to the home;
and
have a mortgage on the home.
Note:
Eligible veterans must apply for the coverage prior to their 70th birthday.
What Coverage Does VMLI Provide?
VMLI will pay up to $90,000 of the outstanding mortgage.
The insurance is payable only to the mortgage lender, not to family members.
VMLI coverage is available on a new mortgage, an existing mortgage, a refinanced mortgage, or a second mortgage.
How Much Does VMLI Cost?
VMLI premiums are determined by:
The insurance age of the veteran; and
The outstanding balance of the mortgage at the time of application; and
The remaining length of the mortgage.
VMLI premiums must be paid by deduction from the veteran’s monthly compensation.
How Do You Apply For VMLI?
You can apply for VMLI by completing VA Form 29-8636, Veterans Mortgage Life Insurance Statement, and submitting it to the Department of Veterans Affairs Regional Office and Insurance Center in Philadelphia. Veterans can contact the Insurance Center for an application or visit the website to obtain an application and learn more information about the VMLI program.
For More Information,
Call Toll-Free 1-800-419-1473
or Visit The Web Site at http://www.insurance.va.gov.
