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Veterans' Mortgage Life Insurance
(1971 to present)
The Veterans Mortgage Life Insurance (VMLI) program was begun in 1971 to provide mortgage life insurance to severely disabled veterans. To be eligible, a veteran must have received a Specially Adapted Housing Grant from VA. The purpose of such grants is to help the veteran build or modify a home to accommodate his or her disabilities. Veterans must apply for VMLI before their 70th birthday. VMLI is payable only to the mortgage holder (i.e., a bank or mortgage lender), not to a beneficiary. Veterans may select their level of coverage up to $200,000 or their current mortgage balance, whichever is less. This is decreasing term insurance which has no loan or cash values and pays no dividends. This program is still open to new issues.