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What is a Non-Recourse Reverse Mortgage? The Non-Recourse feature of the Reverse Mortgage product is something that is often misunderstood by the general public and has been the topic of a recent lawsuit between AARP and HUD over the interpretation and implementation of it. Simply, Non-Recourse reverse mortgage means that a borrower can never owe more than their home is... Read Full Article
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Question #1 HOW MUCH INTEREST IS ACCUMULATED ON A $100,000 REVERSE MORTGAGE AT THE END OF 10 YEARS TO PAY BACK.. Question #2 WHAT IF YOUR HOUSE PROPERTY DEVALUES WAY BELOW AMOUNT GIVEN AND YOU HAVE NO WAY TO ECONOMICALLY PAY BACK..EA.HOUSING SLUMP.... Question #3 HOW DOES A REVERSE MORTGAGE WORK FOR MY HEIRS? IS IT POSSIBLE TO PUT ONE... Read Full Article
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One of the things that we always explain to senior borrowers when they ask about reverse mortgages is that they are non-recourse loans. The next question is always, "What is a non-recourse loan?" This is a very important feature of the reverse mortgage and I want to take a moment to explain just what non-recourse means and how that affects... Read Full Article
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Update: HUD Prevails in AARP Lawsuit—But Issues Remain Last Friday, HUD won the dismissal, without prejudice, of the case AARP filed against it on behalf of non-borrower HECM loan widowed spouses facing foreclosure. A description of the Court's decision, and an initial analysis, was prepared by NRMLA's counsel, Weiner Brodsky Sidman Kider PC: This past Friday, July 15, HUD... Read Full Article