nonrecourse loans: The Benefits of a Reverse Mortgage as a Non-Recourse Loan - 07/01/13 12:28 AM
The question of whether a reverse mortgage will work for you or not, is an oxymoron. If you are 62 years of age and older, live in your primary residence, have enough equity in your home and are looking for a financially secure investment, there is nothing about a reverse mortgage that won't work for you.
Most importantly, a reverse mortgage is a Federal Housing Administration insured, non-recourse loan, meaning you, as the homeowner, never owe more than the value of your home. If the loan amount were to rise above the present value of the house, the difference is covered by … (0 comments)