![]() ![]() To keep your VMLI coverage, you’ll need to let us know if you make any of these changes: The home covered by VMLI must be your primary residence (the home where you live most of the time). What happens if I move, refinance, or make other changes to my mortgage? Use our VMLI Premium Calculator to figure out what your premium may be. How many more mortgage payments you need to make to pay off your mortgage, and.The current balance of your mortgage loan, and.Your VMLI premium will be based on all of th ese factors: Note: Remember, you must apply for VMLI before your 70th birthday. Your agent will help you fill out a Veterans’ Mortgage Life Insurance Statement (VA Form 29-8636). If you already have an SAH grant, ask your agent about VMLI. If you get the SAH grant, your loan guaranty agent will tell you if you qualify for VMLI. VMLI has no loan or cash value-and it doesn’t pay dividends (cash payments made to policy holders when the company makes a profit).įirst, you’ll need to apply for an SAH grant. ![]() If you pay off your mortgage, your VMLI coverage will end. This means your coverage amount goes down as your mortgage balance goes down.
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