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| REAL ESTATE GLOSSARY |
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| Government mortgage A mortgage that is insured by the Federal Housing Administration (FHA) or guaranteed by the Department of Veterans Affairs (VA) or the Rural Housing Service (RHS). Contrast with conventional mortgage. Government National Mortgage Association A government-owned corporation within the U.S. Department of Housing and Urban Development (HUD). Created by Congress on September 1, 1968, GNMA assumed responsibility for the special assistance loan program formerly administered by Fannie Mae. Popularly known as Ginnie Mae. Grantee The person to whom an interest in real property is conveyed. Grantor The person conveying an interest in real property. Ground rent The amount of money that is paid for the use of land when title to a property is held as a leasehold estate rather than as a fee simple estate. Group home A single-family residential structure designed or adapted for occupancy by unrelated developmentally disabled persons. The structure provides long-term housing and support services that are residential in nature. Growing-equity mortgage (GEM) A fixed-rate mortgage that provides scheduled payment increases over an established period of time, with the increased amount of the monthly payment applied directly toward reducing the remaining balance of the mortgage. Guarantee mortgage A mortgage that is guaranteed by a third party. Guaranteed loan Also known as a government mortgage. Hazard insurance Insurance coverage that compensates for physical damage to a property from fire, wind, vandalism, or other hazards. Home Equity Conversion Mortgage (HECM) A special type of mortgage that enables older home owners to convert the equity they have in their homes into cash, using a variety of payment options to address their specific financial needs. Unlike traditional home equity loans, a borrower does not qualify on the basis of income but on the value of his or her home. In addition, the loan does not have to be repaid until the borrower no longer occupies the property. Sometimes called a reverse mortgage. Home equity line of credit
A mortgage loan, which is usually in a subordinate position, that allows
the borrower to obtain multiple advances of the loan proceeds at his or
her own discretion, up to an amount that represents a specified
percentage of the borrower's equity in a property. HomeKeeper Fannie Mae's
adjustable-rate conventional reverse mortgage, which allows older
homeowners to borrow against the value of their homes and receive the
proceeds according to the payment option they select. The amount
available is based on the number of borrowers and their ages and the
adjusted property value. Anyone 62 years or older who either owns his or
her own home free and clear or has very low mortgage debt is eligible. HUD-1 statement A document that provides an itemized listing of the funds that are payable at closing. Items that appear on the statement include real estate commissions, loan fees, points, and initial escrow amounts. Each item on the statement is represented by a separate number within a standardized numbering system. The totals at the bottom of the HUD-1 statement define the seller's net proceeds and the buyer's net payment at closing. The blank form for the statement is published by the Department of Housing and Urban Development (HUD). The HUD-1 statement is also known as the "closing statement" or "settlement sheet." |
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