Va Form 29-8636 - Veterans Mortgage Life Insurance Statement
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3VETERANS MORTGAGE LIFE INSURANCE
INSTRUCTIONS - PLEASE READ THE INSTRUCTIONS BEFORE COMPLETING THE ATTACHED VA FORM
29-8636, VETERANS MORTGAGE LIFE INSURANCE STATEMENT. INACCURATE INFORMATION MAY RESULT
IN YOUR NOT BEING INSURED FOR THE FULL AMOUNT OF YOUR ENTITLEMENT.
GENERAL DESCRIPTION OF COVERAGE
Veterans Mortgage Life Insurance (VMLI) is designed to provide financial protection to cover an eligible veteran's outstanding
home mortgage in the event of his/her death. This mortgage insurance program is administered by the Department of Veterans
Affairs. The insurance is available only to disabled veterans, who, because of their disabilities, have received a Specially Adapted
Housing Grant from the Department of Veterans Affairs. Coverage for this insurance cannot be issued after age 69.
MAXIMUM AMOUNT OF COVERAGE
The maximum amount of VMLI allowed is $90,000. Effective October 1, 2011, maximum coverage will be increased to $150,000.
The maximum coverage amount will increase again on January 1, 2012 to $200,000. The amount payable at the time of death is
computed according to the schedule of mortgage payments and does not include any amount arising from delinquent payments. The
money is paid only to the mortgage holder (mortgage company, bank, etc.)
THE MORTGAGE
The mortgage is the mortgage secured on a specially adapted or modified residence purchased or remodeled in part with a grant from
the Department of Veterans Affairs. If you had VMLI on a housing unit and you sold or otherwise disposed of that housing unit, you
may obtain VMLI coverage for a mortgage loan on another eligible housing unit.
SPECIAL PROVISIONS
The housing unit which is security for the mortgage loan must be used by you as your residence.
The insurance ends when the existing mortgage is paid in full, or if your ownership of the residence is terminated.
If title to the mortgage property is shared with anyone other than your spouse and is not a Joint Tenancy ownership or Tenancy by the
Entirety, your coverage is only for the percentage of the title that is in your name.
EFFECTIVE DATE
The effective date for this insurance will be established by VA upon receipt of a signed and completed application, with all other
information necessary to determine the amount of the insurance premiums.
YOUR RESPONSIBILITY TO REPORT CHANGES
Since mortgages can be transferred from one lending company to another, it is very important that you report all changes of status
promptly to VA. It is important for VA to know such things as: if you have moved, liquidated your mortgage, refinanced your
mortgage, sold your property, or if the mortgage has been sold or traded to another lender. Please note that insurance protection on a
new mortgage will not be effective until this information is received by VA. These changes will not effect your coverage. The
Department of Veterans Affairs Insurance Center in Philadelphia maintains all the VA records involved in the VMLI program and all
such changes should be sent to that office. The address is:
Department of Veterans Affairs Regional Office
and Insurance Center
P.O. Box 7208 (VMLI)
Philadelphia, PA 19101
PREMIUMS
The premiums for this protection are based only on the mortality costs of insuring non-disabled lives. Premiums must be deducted
from your monthly VA Disability compensation. If at any time you are not entitled to a cash payment of compensation, the monthly
premium must be paid directly by you to VA. Premiums are based on the scheduled unpaid balance of the mortgage at the time the
insurance is effective, the number of years for which payments must be made in the future and your current age. When you apply for
the insurance, your premium will be calculated and you will be advised of the amount.
VA FORM
29-8636
SUPERSEDES VA FORM 29-8636, NOV 2009,
PAGE 1
AUG 2011
WHICH WILL NOT BE USED.
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