Hazard Insurance

This is an insurance policy that covers physical damage to a property from damages from vandalism, fire, wind, or other events, listed within the policy coverage.

Home Equity Conversion Mortgage ( HECM )

This is typically called reverse annuity mortgage. This mortgage reverses the payment process, so the lender makes payments to the owner. This mortgage was designed for older individuals so they can convert home equity into immediate cash, usually as a monthly payment. With this mortgage the borrower qualifies based on the property values. The loan is not repaid until the borrower sells the property or is no longer the occupant.

Home Equity Line Of Credit

This is mortgage loan that is frequently in the second position to a first mortgage. It provides funds to the borrower based on the equity of the property, and usually has a percentage limitation.

Home Inspection

This is a complete inspection of a property by a licensed home inspection professional. The inspection includes the mechanical and structural condition of the examined property. The home inspection if often a contingency requested by a potential buyer prior to completion of a sale.

Homeowners' Association

This is a non-profit organization established to provide management services for the common areas with a condominium or PUD (planned unit development). This organization has no ownership interests in a condominium property. In a planned unit development, the organization holds the title to common areas of the property.

Homeowner's Insurance

This is an insurance policy combining owner's personal liability along with hazard insurance for a the owner's home.

Homeowner's Warranty

This insurance is used by by a home buyer to pay for repairs to items on the property if they need repair or replacement within a specified period following purchase. Typically the buyer asks the seller to pay for this insurance as part of the purchase contract, however, either party may pay for this insurance.

HUD Median Income

This is an income level used to determine loan eligibility for a specific geographic area, often a county or an MSA (metropolitan statistical area). The Department of Housing and Urban Development (HUD) calculates this figure.

HUD-1 Settlement Statement

This is a document containing an itemized listing of the funds paid at a property sale closing. This document includes statement for loan points, real estate commissions, initial escrow, and other points paid. Each expense item is noted on a specific line number of the document. This document notes the seller's net dollar amount and the amount the buyer pays at the time of closing. The document is printed on a Department of Urban Housing and Development (HUD) form and is also referred to as the "settlement sheet" or a "closing statement."