What is a Non-Recourse Loan?

A Reverse Mortgage, or a Home Equity Conversion Mortgage (HECM), is a valuable financial tool for Seniors seeking to tap into their home equity without selling their property. One of the attractive features of a HECM is the concept of "non-recourse." Understanding the meaning and significance of the non-recourse feature in a Reverse Mortgage HECM, demonstrates how it can be a crucial layer of protection for borrowers and their heirs.