Glossary

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.

Heir

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

Hiatus

A gap or space unintentionally left, when attempting to describe adjoining parcels of land.

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

Used for repairs and additions to existing structures without affecting existing mortgage. Typically 10 years or less in length.

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.

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