Veterans who are a Veterans Mortgage Life Insurance policyholder will see a reduction in their premiums effective October 1, 2023. Policyholders will see a reduction anywhere between 6% to 36%, depending on their age, starting in November 2023.
VMLI provides mortgage protection insurance to veterans with severe service-connected disabilities who have adapted a home to fit their needs. The program allows veterans to purchase up to $200,000 in mortgage insurance. When a policyholder passes, the amount of their coverage will be used to pay down their mortgage.
Although a small percentage of policyholders will not see this reduction in premiums; that’s because VA has already locked their current premiums so they will not increase.
For more information about VMLI, please visit va.gov/life-insurance/options-eligibility/vmli/