Glossary in Letter H

Habendum clause
The "to have and to hold" clause that defines the quantity of the estate granted in the deed.
Half-bath
Also called a powder room, a half-bath contains a toilet and a sink but no bathtub or shower stall.
Hardboard
A material made from wood fibers that is designed to simulate wood.
Hardwood
Wood that comes from deciduous trees such as oak, walnut, and maple; typically used for fine interior finishes.
Hazard insurance
Also known as homeowners insurance or fire insurance, hazard insurance covers physical risks such as fire and wind damage.
High density
The concentration of housing units in a specific area or on a specific property.
High-rise
Any building taller than six stories.
Hip roof
A pitched roof with sloping sides.
Historic preservation
The theory and practice of creatively maintaining the historic built environment and controlling the landscape component of which it is an integral part. The Secretary of the Interior of the U.S. government defines the historic environment as districts, sites, buildings, structures, objects, and landscapes which are significant in American history, architecture, archeology, engineering, and culture.
Home equity conversion mortgage
A type of loan available to seniors (62 and over in the US), used as a way of converting their home equity (the value of the home, minus the amount of any existing mortgages) into one or more cash payments while retaining ownership of the property (continuing to live there) and avoiding monthly payments. Repayment of the loan is deferred until the borrower is no longer living in the home.
Home equity line of credit
A type of loan in which the borrower uses the equity in his home as collateral. These loans are sometimes useful for families to help finance major home repairs, medical bills or college educations. A home equity loan creates a lien against the borrower's house.
Home inspection
An examination of a homes construction, condition, and internal systems by an inspector or contractor prior to purchase.
Home inspector
A home inspector examines the condition of a home, often in connection with the sale of that home. This process is referred to as a home inspection.
Home Price
The price agreed upon by a buyer and seller, usually based on an appraisal of the houses market value. If there’s a difference between price and appraised value, lenders will base their loan on the lower amount.
Home rule
The power of a local government to adopt its own land-use regulations.
Homeowners insurance
An insurance policy that combines various personal insurance protections which can include losses occurring to one's home, its contents, loss of its use (additional living expenses), loss of other personal possessions of the homeowner, as well as liability insurance for accidents that may happen at the home.
Homeowners association (HOA)
An organization comprised of all owners of units in a common interest development, which may or may not be part of a gated community. Most associations are now non-profit corporations, and are subject to state statutes that govern non-profit corporations and community associations.
Homeowners association dues
Monthly payments due to a homeowners association, to be used for maintenance and communal expenses. Condominiums, townhouse complexes, and planned unit developments (PUDs) may require monthly homeowners association dues.
Homeowners warranty
A special insurance policy that covers certain home repairs for a specified amount of time.