What is a reverse non-recourse loan?

What is a reverse non-recourse loan?

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?

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 […]

Are there different types of reverse mortgages?

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 […]