Habitable
Referring to a residence that is safe for human occupancy. |
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Hazard Insurance
Property insurance which indemnifies against certain types of loss, e.g. fire, earthquake, flood, theft, etc. as outlined in the policy. |
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Hectare
A metric measurement of area equivalent to 10,000 square meters. Equal to about 2.47 acres. |
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Heir
A person who is entitled by law or by the terms of a will to inherit the estate of another. |
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High Ratio Mortgage
Mortgage whose amount is greater than 80% of the value of the mortgaged property. |
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Highest and Best Use
A term, which refers to the most economic return for a property. This is certainly influenced by zoning laws and other considerations. |
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Home Equity Conversion Mortgage (HECM)
Also known as the reverse annuity mortgage. This mortgage provides that instead of making payments to a lender, the lender makes payments to the individual. Older homeowners are able to convert home equity into cash this way, in the form of monthly payments. Borrowers don't qualify on the basis of income, but on the value of his or her home. Such a loan does not have to be repaid until the borrower no longer occupies the property. |
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Home Equity Line of Credit
A mortgage loan in second position that allows a borrower to obtain cash drawn against home equity, up to a certain amount. |
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Home Improvement Loan
Loan obtained for the purpose of making major improvements to a home. |
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Home Inspection (Report)
A thorough assessment by a professional regarding the structural and mechanical condition of a property. |
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Home Inspector
A person whose service is making a physical inspection of homes. |
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Home Warranty Insurance
Insurance, which covers a buyer against any problems, which might occur after the purchase of a property. The coverage varies by insurance carrier. |
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Homeowner’s (Homestead) Tax Exemption
A tax exemption, available is certain areas, that reduces the taxable value of real property by up to $25,000. |
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Homeowner’s Association
An association of owners, governed by documents, which is generally formed to maintain common areas. |
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Housing and Urban Development (HUD)
Department of Housing and Urban Development; regulates Fannie Mae and Ginny Mae. |
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