What does non-recourse mean?

Most reverse mortgages are insured by the Federal Housing Administration (FHA). Because of this insurance, these loans are non-recourse. That means the FHA absorbs the remaining balance of the loan if the sale of the home does not cover the balance of the loan. When your home is sold to repay the loan, neither you nor your heirs/children will be required to pay more than the sale price of the home.

 

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