Hazard InsuranceInsurance covering damage to a property caused by hazards such as fire, wind and accident.
HeaderThe framing elements above an opening such as a window or door.
HearthThe floor of a fireplace or the area immediately in front of it.
Height ZoningA municipal restriction on the maximum height of any building or other structure.
HELOCHome Equity Line of Credit
Hidden AmenitiesAssets of a property which contribute to its value, but are not readily apparent. Examples might include upgraded or premium building materials.
Highest and Best UseThe most profitable and likely use of a property. Selected from reasonably probable and legal alternative uses, which are found to be physically possible, appropriately supported and financially feasible to result in the highest possible land value.
Home Equity Conversion Mortgage (HECM)Also known as a reverse annuity mortgage. It allows home owners (usually older) to convert equity in the home into cash. Normally paid by the lender in monthly payments. HECM's typically do not have to be repaid until the borrower is no longer occupying the home.
Home Equity Line of CreditA type of mortgage loan that allows the borrower to draw cash against the equity in his home.
Home InspectionA complete examination of a building to determine its structural integrity and uncover any defects in materials or workmanship which may adversely affect the property or decrease its value.
Home InspectorA person who performs professional home inspections. Usually, with an extensive knowledge of house construction methods, common house problems, how to identify those problems and how to correct them.
Homeowner's AssociationAn organization of home owners in a particular neighborhood or development formed to facilitate the maintenance of common areas and to enforce any building restrictions or covenants.
Homeowner's InsuranceA policy which covers a home owner for any loss of property due to accident, intrusion or hazard.
Homeowner's WarrantyAn insurance policy covering the repair of systems and appliances within the home for the coverage period.
Housing Expense RatioThe percentage of your gross monthly income that goes toward paying for your housing expenses.
HUDThe United States Department of Housing and Urban Development. Federal Housing Administration (FHA) is a division of HUD which insures home mortgage loans made by lenders and sets minimum standards for such homes.
HUD Median IncomeMedian family income for a particular county or metropolitan statistical area (MSA), as estimated by the Department of Housing and Urban Development (HUD).
HUD-1 StatementA standardized, itemized list, published by the U.S. Department of Housing and Urban Development (HUD), of all anticipated closing costs connected with a particular property purchase.