Posted on: 02nd Feb, 2011 07:47 am
My Mother has a reverse mortgage and their website states that their revers mortgage is a nonrecourse loan. If she sells the home and due to the economy fails to repay the full amount of the loan will they come after her for that amount??
Hi jtruckingdad!
Welcome to forums!
In case of a reverse mortgage, the lender won't come after your mother for the deficient balance, if any, resulting from the sale of the property. The lender will sell off the property and recover as much dues as possible.
Feel free to ask if you've further queries.
Sussane
Welcome to forums!
In case of a reverse mortgage, the lender won't come after your mother for the deficient balance, if any, resulting from the sale of the property. The lender will sell off the property and recover as much dues as possible.
Feel free to ask if you've further queries.
Sussane