What is a Non-Recourse Loan?

Non-Recourse Loan Definition

Most reverse mortgages are non-recourse loans, meaning that the lender cannot come after the borrower, the borrower’s heirs, or the borrower’s estate for additional money. The lender is able to take the home and sell it, recouping as much of their profits as possible through that method, but they have no other recourse (thus the non-recourse designation).

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