Page 48 - Homeowners Manual - Utah

Flood Certification: A common term for a Federal Hazard Insurance: Insurance protecting a property
Emergency Management Agency (FEMA) Standard Flood owner against loss, such as: fire, windstorm, lightning,
Hazard Determination Form (SFHDF)� This determines hail, explosion, riot, smoke, property damage, flood
whether land or a building is located within a Special or mudslide� It is usually purchased as part of the
Flood Hazard Area for purposes of flood insurance Homeowner’s Insurance Policy�
requirements under the National Flood Insurance
Program� Heir: One who might inherit or succeed to an interest in
land of an individual who dies without leaving a will
Forfeiture of Title: Provision in a deed creating a condition (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 the
G 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 against accidents in the home or on the property�
gradually increase in dollar amount over the life of the
mortgage� HUD-1: The HUD-1 is a type of settlement statement
which, prior to the TILA-RESPA Integrated Disclosure
Grantee: A person who acquires an interest in land by deed, (TRID) Rule, was required for use with all federally
grant or other written instrument� related mortgage loans� It has been supplanted by the
“Closing Disclosure” as a required form, but the HUD-
Grantor: A person, who, by a written instrument, transfers to 1 will continue to be used for reverse mortgage and
another an interest in land� HELOC transactions� In addition, it may remain in use for
some transactions that do not involve federally related
Guardian: One appointed by the court to administer the mortgage loans since it functions well as a balance sheet
affairs of an individual not capable of administering his or of the settlement�
her own affairs�

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

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