What Does Non-Recourse Reverse Mortgage Mean?
One of the features of reverse mortgage that senior borrowers do not often understand is that it is a “non-recourse loan.” This term is perceived negatively and brings unease to the homeowners when this is initially explained. The fact is that a non-recourse loan actually provides security to the borrower regarding the collateral.
Dispelling The Myths About Reverse Mortgages
The misconceptions regarding the terms of reverse mortgages astound me to no end. Despite the recommendations received from the American Association of Retired Persons (AARP), the idea of applying for a reverse mortgage continues to elicit worry among seniors. It’s even exacerbated by friends who declare reverse mortgages to be bad news despite lacking credible information about the matter.
Reverse Mortgages – Why Seniors Must Get It
When you are getting old and already on the brink of retirement, you begin to worry much about living in a time of uncertainty. When you reach the age of 62 and become a senior citizen, you start to think of ways on how you’ll get to earn money without the help of a regular job.