Legal Question in Wills and Trusts in California

Reverse Mortgage

You can never owe more than the value of the home at the time the loan is repaid. Reverse mortgages are generally "nonrecourse" loans which means that in seeking payment, the lender does not have recourse to anything other than the home (not your income, your other assets or your heirs). If you or your heirs sell your home in order to pay off the loan, the debt is generally limited by the net proceeds from the sale of your home.