The Veterans' Mortgage Life Insurance (VMLI) program is designed to provide financial protection to cover eligible veterans' home mortgages in the event of death. The following is a summary of the Veterans' Mortgage Life Insurance:
The Veterans' Mortgage Life Insurance (VMLI) program began in 1971, The Veterans' Mortgage Life Insurance (VMLI) program provides mortgage life insurance to severely disabled veterans. It is designed to pay off home mortgages of disabled veterans in the event of their death.
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The insurance is restricted to those veterans who receive grants for the purchase of Specially Adapted Housing under the authority of title 38, US Code, chapter 21. Grants are available to you as a veteran if you are entitled to compensation for service-connected, permanent and total disability for one or more of the following conditions:
The VMLI insurance will be canceled for any of the following conditions:
Premiums are determined by the insurance age of the veteran, the outstanding balance of the mortgage at the time of application, and the remaining length of time the mortgage has to run. Veterans who desire insurance will be advised of the correct premium when it is determined.
Premiums must be paid by deduction from the veteran's monthly compensation or pension payments, if the veteran is receiving such payments. If such payments are not being received the veteran may make direct payments, on a monthly, quarterly, semiannual, or annual basis, to the VA Insurance Center in Philadelphia, Pennsylvania.