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Veterans’ Mortgage Life Insurance
Veterans’ Mortgage Life Insurance (VMLI) is mortgage protection insurance that can help families of severely disabled Servicemembers or Veterans pay off the home mortgage in the event of their death.
VMLI is only available to Servicemembers and Veterans with severe service-connected disabilities who:
- Received Specially Adapted Housing (SAH) grant to help build, remodel, or purchase a home, AND
- Have the title to the home, AND
- Have a mortgage on the home
Veterans must apply for VMLI before their 70th birthday.
VMLI provides up to $200,000 mortgage life insurance and is payable only to the mortgage holder (i.e. a bank or mortgage lender), not to a beneficiary. The amount of coverage will equal the amount of the mortgage still owed, but the maximum can never exceed $200,000. VMLI is decreasing term insurance which reduces as the mortgage balance declines. VMLI has no loan or cash values and does not pay dividends.
To determine your VMLI premium amount consult the VMLI Premium Calculator.
Applying for VMLI
Servicemembers or Veterans who receive a grant for the purchase of Specially Adapted Housing are advised by Loan Guaranty personnel at their interview of their eligibility for VMLI to cover the unpaid mortgage on their home.
The Specially Adapted Housing Agent will help the Servicemember or Veteran complete VA Form 29-8636, Application for Veterans’ Mortgage Life Insurance. If a Servicemember or Veteran 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 Servicemember or Veteran must provide information about their current mortgage.