Definition - What does Non-Recourse Mortgage mean?
A non-recourse mortgage is a loan secured by pledging collateral, typically a piece of real estate the borrower is not responsible for.
Insuranceopedia explains Non-Recourse Mortgage
If a borrower defaults on their non-recourse mortgage, the lender is entitled to seize the collateral and sell it. If this does not allow them to recover the entire amount, however, the lender cannot pursue the borrower for the remaining funds.
Non-recourse mortgages typically limited to loan-to-value ratios of 50 or 60 percent. This ensures that the property put up to secure the loan provides sufficient collateral.
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