Hazard Insurance/Flood Insurance
Definition: Insurance which protects against loss or damage to real estate caused by fire, some natural causes such as floods, vandalism, etc. This depends on the terms and policy given by the insurance provider.
Home Equity Conversion Mortgages
Definition: allow seniors to convert the equity in their home to cash. The amount that can be borrowed is based off of the appraised value of the home and the age of the borrower. Borrowers must be at least 62 years of age.
Home Equity Line of Credit
Definition: a credit line that is secured by a second deed of trust on a home. Equity lines of credit are credit accounts where the customer may put off payments on part of the balance. They work like credit cards, which can be paid down or charged up for the term of the loan. The minimum payment that is due each month is interest only.
Home Inspection
Definition: An examination of the condition of a home that is not invasive and is limited. This examination is usually done in relation to the sale of a home. Inspections are usually conducted by a home inspector who has the training and certifications to perform such inspections. A home inspector, with the right qualifications, can evaluate the condition of the roof, foundation, heating and cooling systems, electrical work, plumbing, water and sewage, and safety issues. Along with this, home inspectors can search for evidence of insect problems, water damages, fire damages, as well as other issues that could potentially affect the property’s value.
Homeowner’s Association (HOA)
Definition: An organization in a planned community or condominium, as well as a subdivision, which enforces rules for the properties in its territory. It collects monthly or annual payments and dues to pay for upkeep of common areas such as parks, elevators, and swimming pools.
Homeowners Insurance
Definition: A property insurance created to protect an individual’s home against damages to the house itself, or to possessions in the home. There are 7 forms of homeowners insurance in the U.S. offering a variety of levels of protection depending on the homeowner’s needs. Homeowners insurance also provides liability coverage against accidents that may occur in the home or on the property.
Homeowners warranty
Definition:
A type of insurance that covers repairs to specific parts of a house for a specific period of time.
HUD Median Income
Definition: An estimate of how much income families earn on average in a given area. This estimate is given by the Department of Housing and Urban Development (HUD).
HUD-1 Settlement Statement
Definition: A document, prepared by a closing agent, that describes a real estate transaction, also called a closing statement. It itemizes all charges inflicted on a borrower and seller in a real estate transaction.
Hi! I’m Maria, the Marketing Coordinator for Homes.com. I am part of a dream team that is dedicated to running this awesome blog along with Homes.com’s social channels. If I am not busy writing blogs and socially sharing for Homes.com, you can find me painting, drinking tea with my friends, and doing DIY projects!
