VA Loan Tip #24: Unless mortgage life insurance is purchased, the responsibility of a veteran mortgage passes to the spouse or the veteran's estate in the event of his or her death.

VA LOAN RATES

National Averages for October 1, 2014

30 YEAR FIXED

3.95% Rate
4.25% APR

15 YEAR FIXED

3.0% Rate
3.29% APR
* disclosures

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- Veteran Documents -

Certificate of Eligibility
and DD-214

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VA Loans After a Borrower's Death

VA Loan Tips

Unless mortgage life insurance is purchased, the responsibility of a veteran mortgage passes to the spouse or the veteran's estate in the event of his or her death. There is a continued obligation to make payments, but don't forget the VA's "Leniency Policy" with regard to forbearance for qualified borrowers who fall on temporary hard times.

Mortgage life insurance can take care of this issue once and for all, but it is not offered through the VA. You'll need to find a qualified private insurance company to make these arrangements. The terms of such insurance may vary from agency to agency.


More VA Loan Tips

  1. Entitlement to a VA Home Loan
  2. Advantages to the VA Guaranteed Loan
  3. About VA Loans with Adjustable Rates
  4. Getting Pre-approved for Your VA Loan
  5. Eligibility for a VA Home Loan Guaranty
  6. Your Discharge May Affect Your Chances
  7. I Lost My DD214
  8. For Those Who Already Have a VA Loan
  9. Renewable VA Certificate of Eligibility
  10. VA Loan Partial Eligibility
  11. VA Loans and Rental Properties
  12. VA Loans and Your Debt Ratio
  13. Uses for Your VA Loan
  14. About the VA Funding Fee
  15. Co-signers on VA Loans
  16. The Veterans Benefits Act of 2004
  17. VA Home Loans and Fair Housing Laws
  18. VA Pre-approved but Can't Find a House
  19. VA Loan Foreclosures
  20. Better Credit for Better Eligibility
  21. Help for VA Home Buyers
  22. VA Loans to Purchase Farms
  23. VA Loans for Properties Outside of the US
  24. VA Home Loans After a Borrower's Death
  25. Selling a VA Loan Property
  26. VA Mortgage Payments