Congressman Charles Rangel praised the announcement made by the Department of Veterans Affairs (VA) today that the maximum amount of Veterans Mortgage Life Insurance (VMLI) increased from $90,000 to $150,000, effective Oct. 1, under the Veterans' Benefits Act of 2010. Maximum coverage will further increase from $150,000 to $200,000 after Jan. 1, 2012.
"It is great to see the Veterans Department constantly improve their efforts to provide veterans and their families with the best possible support," Rangel said. "At a time when veterans make up one in four of our nation's homeless population, affordable housing for America's heroes is utmost critical."
Veterans Mortgage Life Insurance is issued to those severely disabled veterans and servicemembers, whose movement or vision is substantially impaired because of their disabilities, and have received grants for specially adapted housing from Veterans Affairs.
"These increases will benefit the 18,000 veterans in our Manhattan Congressional District, where over a quarter of them live with disabilities and their families," said Rangel. "We owe them, as well as all the vets across America, the very best care and support so that they have the stability of a good roof over their heads."
All policyholders will be automatically covered for $150,000 or their mortgage amount, whichever is lower, between October 1, 2011, and January 1, 2012, with no increase in their premium for this period. After January 1, 2012, coverage will increase to the maximum amount for which the policyholder is eligible unless a different level of coverage is elected. Premiums for the new level of coverage will be deducted from VA compensation checks beginning in February 2012.
Added Rangel: "Every veteran returning home, whether disabled physically or mentally, must be given the hope that they will have the opportunities and support that their selfless service has made them forever entitled to. I will keep fighting in Congress to ensure our veterans' rights to affordable housing, as well as good jobs, higher education and quality healthcare."
Since 1971, the Veterans' Mortgage Life Insurance program has provided life insurance protection to cover eligible Veterans' home mortgages. Effective July 30, 2008, the program was expanded to also offer coverage to disabled active duty servicemembers, and also servicemembers and veterans who suffer from severe burn injuries.
For more information about VA's Insurance Program or other VA benefits, go to www.va.gov or call 1-800-827-1000. Veterans are also encouraged to visit VA's web portal eBenefits - Insurance.