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Is a reverse mortgage a nonrecourse loan

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jtruckingdad Joined: 02 Feb 2011 Posts: 1 1.27 Dollars($)	Posted: Wed Feb 02, 2011 8:47 am    Post subject: Is a reverse mortgage a nonrecourse loan Like 0 Dislike 0 My Mother has a reverse mortgage and their website states that their revers mortgage is a nonrecourse loan. If she sells the home and due to the economy fails to repay the full amount of the loan will they come after her for that amount??
smithsussane Joined: 18 Sep 2008 Posts: 10439 Location: Alaska 985.83 Dollars($)	Posted: Thu Feb 03, 2011 12:57 am    Post subject: Like 0 Dislike 0 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

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