A-B

C-D

E-G

H-J

K-M

N-P

Q-R

S-T

U-Z

H

Harbor Line

An arbitrary line set by authorities on navigable rivers, beyond which wharves and other structures may not be built. Also designated as line of navigation.

Hazard Insurance

Real estate insurance that protects against damages caused to property by fire, windstorms and other common hazards.

Heir

One who might inherit or succeed to an interest in land of an individual who dies without leaving a will (intestate).

Home Equity Conversion Mortgage

A reverse or reverse annuity mortgage in which HUD through FHA guarantees that the borrower will receive monthly payments from the insurer (FHA) in the event the lender is unable to make payments to the borrower.

Home Repair Loan

A loan used for repairs and additions to existing structures without affecting existing mortgage. Typically 10 years or less in length. May also be called a “Home Improvement Loan”.

Homeowner’s Insurance

Real estate insurance protecting against loss caused by fire, some natural causes, vandalism, etc., depending on the terms of the policy. Also includes coverage such as personal liability and theft away from home.

Homestead

The dwelling (house and contiguous land) of the property owner. Some states grant statutory protection for homestead property against the rights of creditors. Property tax exemptions are also available in some states.

HUD

U.S. Department of Housing and Urban Development. The federal department responsible for the major housing programs in the United States, such as FHA.

HUD 1

A form settlement (closing) statement required by the U.S. Department of Housing and Urban Development (HUD) where federally related mortgages are being made on residential properties. It is a balance sheet showing the source of funds and the distribution of funds in connection with the purchase and/or mortgaging of residential property.

I

Impounds

A trust type of account established by lenders for the accumulation of borrower’s funds to meet periodic payments of taxes, mortgage insurance premiums, and/or future insurance policy premiums, required to protect their security.

Inchoate Dower

The dower interest of a wife during the life of her husband. It is an interest, which upon the death of the husband may ripen into possession and use. Most states have abolished dower rights.

Inchoate Curtesy

The curtesy interest of a husband during the life of his wife. It is an interest, which upon the death of the wife may ripen into possession and use. Most states have abolished curtesy rights.

Indemnity

Insurance against possible loss or damage. A title insurance policy is a contract of indemnity.

Ingress

The right to enter a tract of land. Usually used as part of the term “ingress and egress” and interchangeably with “access”.

Instrument

Any writing having legal form and significance, such as a deed, mortgage, will or lease.

Insurance

A contract under which, for a consideration, one party (the insurer) agrees to indemnify another (the insured) for a possible loss under specific conditions.

Interest

(1) A share or right in property. (2) A charge paid for borrowing money.

Interim Financing

Temporary or short term loans. Often used with new construction.

Intestate

Without leaving a will, or leaving an invalid will so that the property of the estate passes according to the laws of succession rather than by direction of the deceased.

J

Joint Tenancy

An undivided interest in property, taken by two or more joint tenants. The interests must be equal, accruing under the same conveyance, and beginning at the same time. Upon the death of a joint tenant, the interest passes to the surviving joint tenants, rather than to the heirs of the deceased.

Judgment

The determination of a court regarding the rights of parties in an action. Money judgments, when recorded, become a lien on the real property of the party whom the judgment is against.

Judgment Lien

A lien against the property of a judgment debtor. An involuntary lien.

Junior Mortgage

A mortgage lower in lien priority than another. 

Westcor Land Title Insurance Company does not guarantee complete accuracy of this dictionary.