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REAL ESTATE GLOSSARY
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HARD-MONEY MORTGAGE
Cash loan to a borrower.
HAZARD INSURANCE
Insurance on a property against fire and other risks. A homeowner's policy may have additional coverage for theft, liability, etc. that a fire insurance policy may not cover.
HEADER
The framing elements above an opening such as a window or door.
HEARTH
The floor of a fireplace or the area immediately in front of it.
HEIGHT ZONING
A municipal restriction on the maximum height of any building or other structure.
HIDDEN AMENITIES
Assets of a property which contribute to its value, but are not readily apparent. Examples might include upgraded or premium building materials.
HIGHEST AND BEST USE
The 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 don't have to be repaid until the borrower is no longer occupying the home.
HOME EQUITY LINE OF CREDIT
A type of mortgage loan that allows the borrower to draw cash against the equity in his home.
HOME INSPECTION
A 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 INSPECTOR
A 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.
HOME WARRANTY PLAN
Insurance that covers appliances, heating systems, etc. Typically purchased at the time of closing.
HOMEOWNER'S ASSOCIATION
An 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 INSURANCE
An insurance policy that combines personal liability insurance and hazard insurance coverage for a dwelling and its contents.
HOMEOWNER'S WARRANTY
An insurance policy covering the repair of systems and appliances within the home for the coverage period.
HOMESTEAD
Status provided to a homeowner's principal residence in some states that protects the home against judgements up to specified amounts.
HOMESTEAD EXEMPTION
Available in some states - this causes the assessed value of a principal residence to be reduced by the amount of the exemption for the purposes of calculating property tax.
HOUSING AND URBAN DEVELOPMENT ( HUD )
A U.S. government agency established to implement certain federal housing and community development programs.
HOUSING CODE
A local government ordinance that sets minimum standards of safety and sanitation for existing residential buildings.
HOUSING EXPENSE RATIO
The percentage of gross monthly income that goes toward paying housing expenses.
HOUSING EXPENSES-TO-INCOME RATIO
The ratio, expressed as a percentage, which results when a borrower's housing expenses are divided by his/her net effective income (FHA/VA loans) or gross monthly income (conventional loans).
HUD MEDIAN INCOME
Median family income for a particular county or metropolitan statistical area (MSA), as estimated by the Department of Housing and Urban Development (HUD).
HUD-1 STATEMENT
A 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.
HYBRID FINANCING
The joining together of two forms of finance, such as combining a convertible loan with a participation loan, under which the lender has the right at loan maturity to convert the debt to a 50 percent ownership in the property.
HYPOTHECATE
To pledge a property as security without having to give up possession of it.
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