VMLIVeterans' Mortgage Life Insurance (US Department of Veterans Affairs)
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Veterans must be approved for an SAH grant before applying for VMLI.
To address this, many years ago Congress created the VMLI program, which allows veterans to purchase this insurance that would pay off the mortgage upon their death.
Because VMLI, which veterans pay for monthly, only covers $90,000 of the mortgage, often the surviving spouse must sell the house upon the veteran's death, or in many cases they lose the home to foreclosure.
This bill would raise the amount of VMLI to $150,000 in 2011 and to $200,000 in 2012.
If you are eligible, 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 your death.
VMLI will be canceled for any of the following conditions:
The maximum amount of VMLI for each veteran is $90,000.
Prior to the Veterans Benefits Act of 2002, VA terminated VMLI at the veteran's 70th birthday.
Department of Veterans Affairs Regional Office and Insurance Center Attn: VMLI (310/295E) P.O.
You may also call the VA Insurance Center VMLI section, (800) 669-8477 (Press "0" to reach an insurance specialist) / (215) 381-3561 (fax); or the Veterans Insurance Phone Section, (800) 669-8477 / (610) 438-5225 / (215) 381-3524 (fax).
VMLI is only available to veterans who have received the special adaptive-housing grant and who otherwise meet eligibility criteria.
Inquiries on specially adapted housing, tax exemption, and VMLI should be directed to your local PVA national service officer.