Comparing Recourse and Non-Recourse Mortgage Loans
When it comes to home loans, there are two different types of mortgages that you can choose from: recourse and non-recourse. So, which one is right for you? Here's a quick rundown of each type of mortgage loan and the key differences between them:
A recourse loan is a loan that gives the lender the right to come after your personal assets if you default on the loan. This means that if you can't make your payments, the lender could foreclose on your home and sue you for any remaining balance.
A non-recourse loan, on the other hand, does not allow the lender to go after your personal assets if you default. With this type of loan, the lender's only recourse is to foreclose on the property itself.
So, which type of mortgage is better?
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