The Department of Veterans Affairs has increased the maximum amount of Veterans Mortgage Life Insurance (VMLI) coverage available to $150,000, up from $90,000. The amount will increase again after Jan. 1, to $200,000. Veterans and service members who have received VA grants for specially adapted housing, because of vision or movement impairment, are eligible for VMLI benefits. Policyholders are receiving coverage for $150,000 or their mortgage amount (whichever is lower) automatically until Jan. 1. After that, coverage will increase again unless policyholders select a different level of coverage. The VA is offering policyholders three VMLI coverage options: They can decline the increase, accept it, or choose a different coverage amount. The VA has begun notifying policyholders of the changes by mail.
