HUD - 1 - Uniform
Closing Statement: A
closing statement or settlement sheet that outlines all closing costs on a
real estate transaction or refinancing.
Hazard Insurance: Provision
of homeowners insurance covers damage by fire, wind or other disaster. It is
required by all lenders before a loan is approved.
See our Insurance
Guides.
Home Equity Conversion Mortgage: Loans
made to older owners who want to convert equity into money. Because
borrowers are qualified on the basis of the value of their home, the loan is
not the same as a home equity loan. Also known as reverse mortgages.
Home Inspection: An
examination of a home's construction, condition and internal systems by an
inspector or contractor prior to purchase.
Home Owners Warranty: Special
insurance policies that cover certain home repairs for a specified amount of
time.
HVAC: The acronym for heating, ventilating and air conditioning
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