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G
Ginnie Mae - Government National Mortgage Association (also GNMA) is a wholly-owned United States corporation that guarantees privately issued securities backed by pools of mortgages insured by FHA (Federal Housing Administration), FMHA (Farm e r s Home Administration) or VA (Veterans Administration).
Graduated Payment Mortgage - A loan in which monthly payments are relatively small in the beginning and gradually increase in dollar amount over the life of the mortgage.
Grantee - A person who acquires an interest in land by deed, grant, or other written instrument.
Grantor - A person, who, by a written instrument , transfers to another an interest in land.
Guardian - One appointed by the court to administer the affairs of an individual not capable of administering his or her own affairs.
H
Harbor Line - An arbitrary line set by authorities on navigable rivers, beyond which wharves and other structures may not be built. Also designated as line of navigation.
Heir - One who might inherit or succeed to an interest in land of an individual who dies without leaving a will (intestate).
Hiatus - A gap or space unintentionally left, when attempting to describe adjoining parcels of land.
Home Equity Conversion Mortgage - A reverse or reverse annuity mortgage in which HUD through FHA guarantees that the borrower will receive monthly payments from the insurer (FHA) in the event the lender is unable to make payments to the borrower.
Home Repair Loan - Used for repairs and additions to existing structures without affecting existing mortgage. Typically 10 years or less in length.
HUD 1 - A form settlement (closing) statement required by the U.S. Department of Housing and Urban Development (HUD) where federally related mortgages are being made on residential properties. It is a balance sheet showing the source of funds and the distribution of funds in connection with the purchase and/or mortgaging of residential property.
I
Improvements - Those additions to raw lands tending to increase its value.
Inchoate Dower - The imperfect interest which the law gives a wife in the lands of her husband. This is an interest which upon the death of the husband may ripen into possession and use. Most states have abolished dower rights.
Inchoate Curtesy - The imperfect interest which the law gives a husband in the lands of his wife.
Indemnify - To make payment for a loss.
Ingress - The right to enter a tract of land.
Insurance - A contract of indemnity against specified perils.
Insurance Loan - When cash value of a life insurance policy is borrowed by the insured.
Interim Financing - Temporary or short term loans. Often used with new construction. Usually replaced with a permanent long-term mortgage.
Intestate - Designates the estate or condition of failing to leave a will at death. "To die intestate."
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