HighTechLending, Inc.
NMLS #7147
Looking for the definition of a non-recourse loan? Look no further. What is a non-recourse loan? A non-recourse mortgage loan is a loan which is secured by a pledge of collateral, the home, but for which the borrower is not personally liable. A reverse mortgage is a non-recourse loan. The Federal government insures that the borrower can never owe more […]
What is a reverse mortgage loan? Reverse mortgage definition: “A type of mortgage in which a homeowner can borrow money against the value of his or her home.” Reverse mortgage explained: A reverse mortgage enables older homeowners (62+) to borrow against the equity in their homes, without requiring them to give up title, sell the home (you may have to […]
Yes, there are different types of reverse mortgages. These can be categorized into the HECM and the Proprietary Reverse Mortgage. HECM is the commonly used acronym for a Home Equity Conversion Mortgage, a reverse mortgage created by and regulated by the U.S. Department of Housing and Urban Development. An HECM is not a government loan. It is a loan issued […]
