LISTING INFO

Home Equity Conversion Mortgage (HECM) A special type of mortgage developed and insured by the Federal Housing Administration (FHA) 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....

Hazard Insurance Insurance coverage that compensates for physical damage to a property from fire, wind, vandalism, or other covered hazards or natural disasters.  Real estate words and definition For other words and definitions related to real estate auctions For all active auctions, and...

Growing-Equity Mortgage (GEM) A fixed-rate mortgage in which the monthly payments increase according to an agreed-upon schedule, with the extra funds applied to reduce the loan balance and loan term.  Real estate words and definition For other words and definitions related to real estate...

Ground Rent Payment for the use of land when title to a property is held as a leasehold estate (that is, the borrower does not actually own the property, but has a long-term lease on it).  Real estate words and definition For other words and definitions related to real estate auctions For all...

Executor A person named in a will and approved by a probate court to administer the deposition of an estate in accordance with the instructions of the will.  Real estate words and definition For other words and definitions related to real estate auctions For all active auctions, and...

Gross Monthly Income Ground Rent The income you earn in a month before taxes and other deductions. It also may include rental income, self-employed income, income from alimony, child support, public assistance payments, and retirement benefits.  Real estate words and definition For other...

Government National Mortgage Association (Ginnie Mae) A government-owned corporation within the U.S. Department of Housing and Urban De-velopment (HUD) that guarantees securities backed by mortgages that areinsured or guaranteed by other government agencies. Popularly known as “Ginnie Mae.”...

Government Mortgage A mortgage loan that is insured or guaranteed by a federal government entity such as the Federal Housing Administration (FHA), the U.S. Department of Veterans Affairs (VA), or the Rural Housing Service (RHS).  Real estate words and definition For other words and...

Good-Faith Estimate A form required by the Real Estate Settlement Procedures Act (RESPA) that discloses an estimate of the amount or range of charges, for specific settlement services the borrower is likely to incur in connection.  Real estate words and definition For other words and...

Gift Letter A letter that a family member writes verifying that s/he has given you a certain amount of money as a gift and that you don’t have to repay it. You can use this money towards a portion of your down payment with some mortgages.with the mortgage transaction.  Real estate words and...