VA Loan Updates

On the eve of the 62nd anniversary of the passing of the Rescission Act of 1946 Sunday (Feb. 17), Sen. Larry E. Craig (R-Idaho), said in an email that the “pension benefit (of S. 1315) is far too generous.” Sen Craig is one of the ranking members of the US Senate Veterans committee blocking the passage of the S. 1315 or the Veterans Benefits Enhancements Act.

The Senate bill, S. 1315, designed to repeal the law that took away the full benefits of Filipino World War II veterans is pending before the full Senate. However, Senator Craig disclosed to this reporter that he is “pleased to be an original co-sponsor of S. 2640″ introduced by Sen. Richard Burr (R - NC) last Feb. 14 “as an alternative to S. 1315″ because “it incorporates many of the very important provisions of S. 1315.”

He said the bill provides “retroactive payments of up to $100,000 to all disabled veterans who sustained severe injuries since the war on terror began, increased insurance coverage for severely disabled veterans under the Veterans’ Mortgage Life Insurance Program, and housing and auto grants to veterans with severe burns who require modifications to either their homes or vehicles.”

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For those veterans who still have G.I. Insurance, there are new features on the Web site:

www.insurance.va.gov. You may now view your beneficiary designation and apply for a policy loan online. You may also access current information about your policy. Click on the link, “Online Policy Access.” You may obtain the Personal Identification Number (PIN), which is needed to log on, at this Web site. The PIN will be mailed to you. The current interest rate for new loans and existing variable rate loans is five percent. This rate will remain in effect until October 1, when it is subject to change. To apply for a loan, send a request over your signature to: P.O. Box 7327, Philadelphia, PA 19101-7327. The V.A. Insurance phone number is 1-800-669-8477.

News for veterans who use the Department of Veteran Affairs. A new service at the Department’s call center is available to answer your billing questions. Call toll free, 1-800-601-6286, Monday through Friday, 8 a.m. to 8 p.m. eastern time. The VA Health Revenue Center staff in Topeka, Kansas can assist you with your VA billing statement questions. A new computer system allows them to view your billing records and get the information they need to answer your questions quickly. The new system is accurate, secure and confidential.

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Question: I am a Korean War veteran. I started getting an annual check from the U.S. Treasury several years ago. I noted a printed statement on the check indicating “INS DIV”; I assumed this is a dividend for a life insurance program. I knowingly have never received any letter or other correspondence concerning VA benefits, i.e. hospitalization, burial, etc. Who can I contact to receive a comprehensive VA benefits brochure?

Answer: Your check is an insurance dividend check. Veterans eligible for the dividends have had VA life insurance policies in effect since they left the military. Dividends are paid each year to veterans holding certain government life insurance policies and who served between 1917 and 1956. For VA benefits information and brochures, contact your nearest VA health care facility or VA regional office. The primary brochure you are looking for is the “Federal Benefits for Veterans and Dependents.” The brochure can also be purchased from the Superintendent of Documents, P.O. Box 371954, Pittsburgh, PA 15250-7954 for a $5 fee. Check the VA’s Web site.

Here in Hawaii, contact the VA Medical Center at 433-0600 or the Honolulu VA Regional Office at (800) 827-1000.

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Q: Can a veteran get a VA loan to pay off the mortgage or other liens of record on his or her home?A: Yes. In most cases, the loan may not exceed 90 percent of the reasonable value of the property as determined by an appraisal, plus the funding fee, if required. The loan may include funds for any purpose that is acceptable to the lender, plus closing costs, including a reasonable number of discount points. A veteran must have available home loan entitlement. An existing loan on a manufactured home (except as noted below) may not be refinanced with a VA guaranteed loan.The loan amount is limited to the balance of the old loan plus the closing costs, discount points, funding fee, and up to $6,000 in energy efficient improvements. An existing VA loan on a manufactured home may be refinanced to obtain a lower interest rate. For additional information on a home loan guaranty, call the Honolulu VA Regional Office at (808) 827-1000.

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Life insurance will pay off your mortgage when you die which means your family won’t be left in financial difficulty.

When you buy a home you need to consider how your family would live if you were unable to pay the bills. Even if you and your partner both work and contribute equally to the household expenses one partner may find it a struggle to cope on their own, particularly if there are children involved.

There are different types of cover you can buy. Whole life insurance is the most expensive and pays out the full sum insured whenever you die. Term insurance, which is a cheaper alternative pays out a lump sum if you die within a specified period – usually between five and 25 years. If you are still alive at the end of the term, no payment is made.

You can arrange for a policy to match the repayment term on your mortgage, so if you die before the end of the term, the payout will clear your debt. And you can choose for the level of cover to decrease in line with your mortgage, meaning your monthly premiums will be cheaper.

Couples can take out a joint-life policy that will cover both of them. This is cheaper than taking out two individual policies, but typically only pays out on the first death.

Life insurance is easy to buy because once you’ve decided on the type of policy you want and the amount of cover, all you need to do is to compare costs and find the cheapest quote. But it does pay to shop around as premiums have come down over the last few years, making it a very competitive market.

Life insurance is cheaper when you are young and healthy and premiums won’t increase as you age.

How much life insurance you take out will depend on how certain you are of what your future will hold. It doesn’t have to be linked to your mortgage, or coincide with the mortgage term and you need to take other living expenses into consideration and recognise future financial circumstances too.

Use the life insurance calculator to help you work out how much insurance you need.

As you will probably be holding this insurance for many years it does make sense to review it from time to time to make sure you are still getting a good deal.

Be careful about changing insurers though, as your premiums quoted will increase with age and if you have any medical conditions they may have to be investigated and this could affect your premiums too.

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