Page 42 - Homeowners Manual - Marin County

Flood Certification: A common term for a Federal Emergency Hazard Insurance: Insurance protecting a property
Management Agency (FEMA) Standard Flood Hazard owner against loss, such as: fire, windstorm, lightning,
Determination Form (SFHDF)� This determines whether hail, explosion, riot, smoke, property damage, flood
land or a building is located within a Special Flood Hazard or mudslide� It is usually purchased as part of the
Area for purposes of flood insurance requirements under Homeowner’s Insurance Policy�
the National Flood Insurance Program�
Heir: One who might inherit or succeed to an interest in land
Forfeiture of Title: Provision in a deed creating a condition of an individual who dies without leaving a will (intestate)�
which will cause title to be passed to another, should
certain circumstances occur� Home Equity Conversion Mortgage: A reverse or reverse
annuity mortgage in which HUD (U�S� Department of
Freddie Mac: Federal Home Loan Mortgage Corporation Housing and Urban Development), through FHA (Federal
(also FHLMC) is a stockholder-owned corporation Housing Administration), guarantees that the borrower
chartered by Congress that purchases mortgage loans� will receive monthly payments from the insurer (FHA),
in the event the lender is unable to make payments to
G the borrower�

Ginnie Mae: Government National Mortgage Association Home Equity Line of Credit (HELOC): A loan in which the
(also GNMA) is a wholly owned United States corporation lender agrees to lend a maximum amount within an
that guarantees privately issued securities backed by agreed period (called a term), where the collateral is the
pools of mortgages insured by FHA (Federal Housing borrower’s equity in his/her house�
Administration), FMHA (Farmers Home Administration) or
VA (Veterans Administration)� Homeowners Insurance: Insurance protection paying
benefits for damage to improved real property or
Graduated Payment Mortgage: A loan in which monthly possessions in the home� Also provides liability coverage
payments are relatively small in the beginning and gradually against accidents in the home or on the property�
increase in dollar amount over the life of the mortgage�
HUD-1: The HUD-1 is a type of settlement statement
Grantee: A person who acquires an interest in land by deed, which, prior to the TILA-RESPA Integrated Disclosure
grant or other written instrument� (TRID) Rule, was required for use with all federally
related mortgage loans� It has been supplanted by the
Grantor: A person, who, by a written instrument, transfers to “Closing Disclosure” as a required form, but the HUD-
another an interest in land� 1 will continue to be used for reverse mortgage and
HELOC transactions� In addition, it may remain in use for
Guardian: One appointed by the court to administer the some transactions that do not involve federally related
affairs of an individual not capable of administering his or mortgage loans since it functions well as a balance sheet
her own affairs� of the settlement�
H I

Harbor Line: An arbitrary line set by authorities on navigable Improvements: Those additions to raw land tending to
rivers, beyond which wharves and other structures may increase value, such as buildings, streets, sewer, etc�
not be built� Also designated as line of navigation�
Indemnify: To make payment for a loss or to hold another
harmless from loss�
Ingress: The right to enter a tract of land�

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