Glossary of Terms: H

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Hazard Insurance:
A form of insurance that compensates the insured for property loss or damage.

Home Equity Line of Credit (HELOC):
A revolving line of credit secured by the equity in a borrower’s residence.

Homeowner’s Association:
An organization of property owners that governs a subdivision, planned community or condominium. It collects fees in order to maintain common areas and enforce restrictions that have been made by the developer and the association.

Homeowner’s Insurance:
Insurance that includes hazard coverage as well as personal liability coverage and theft.

Housing Expense Ratio:
The percentage of gross monthly income (before-tax income) that goes toward a house payment. Also called the top or front ratio.

HUD:
The Department of Housing and Urban Development. This is a government entity that is responsible for the implementation and administration of housing and urban development programs.

 

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