What Is Veterans Mortgage Life Insurance? 
Veterans Mortgage Life Insurance -LRB- VMLI -RRB- is life insurance provided to severely disabled veterans . The program was established in 1971 by the Veterans Administration . The policy consists of decreasing term life insurance up to $ 150,000 or the amount of the mortgage , whichever is lower . It is available to those who qualify for an SAH -LRB- Specially Adapted Housing -RRB- grant through the VA. . 