The Veterans’ Mortgage Life Insurance (VMLI) program provides mortgage life insurance to severely disabled veterans and service members. It is designed to pay off home mortgages of disabled veterans and service members in the event of their death.
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 the veterans or service members death. The amount of coverage will equal the amount of the mortgage still owed, but the maximum can never exceed $90,000. VMLI is decreasing term insurance which reduces as the amount of the mortgage reduced. VMLI has no loan or cash values and pays no dividends.
Only veterans and service members who have received a Specially Adapted Housing Grant from VA are eligible for VMLI. This is a grant to help a disabled veteran or service member build or modify a home to accommodate his or her disabilities.
You can get more information about VMLI by downloading and viewing the VMLI Brochure.