What Does Non-Recourse Reverse Mortgage Mean?

One of the features of reverse mortgage that senior borrowers do not often understand is that it is a “non-recourse loan.” This term is perceived negatively and brings unease to the homeowners when this is initially explained. The fact is that a non-recourse loan actually provides security to the borrower regarding the collateral.

Posted Under: Definitions
This post was written by John Andrew on July 12, 2010 Comments (0)

An Introduction to Reverse Mortgage

Reverse mortgage is a kind of mortgage focusing mainly on a lien on the property in question. Interest is not collected on a monthly basis, but instead it is added up into a total amount and is then made into a lien unto the title of the property itself. A lien is a type or [...]

Posted Under: Definitions
This post was written by John Andrew on June 21, 2010 Comments (0)