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Dictionary

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Hazard Insurance
Required by most lenders before a loan is approved, this provision of real estate (homeowners) insurance that protects against damage by fire, wind or other common hazards.

Home Equity Conversion Mortgage
Also known as a reverse mortgage, this type of loan allows a homeowner to convert their property’s equity into money by receiving monthly payments from a bank or other lender.

Homeowner's Insurance
Real estate insurance that covers against damages that may affect the value of a home/property, such as fire, vandalism and some natural hazards.

HUD 1
Required by the U.S. Department of Housing and Urban Development (HUD) for federally related mortgages, this balance sheet outlines all closing costs on a real estate purchase or refinance.