Non-recourse mortgage lenders in Costa Rica

[robinvest]

We are looking at purchasing real estate in Costa Rica with a self-directed IRA. In the states, some banks offer non-recourse mortgage loans. Are these types of loans (the only type allowed by the DOL with a qualified pension plan)available in Costa Rica?

Thanks in advance!

[tomtwoshoe]

All mortgages in costa rica are non-recourse. I have a self directed ira with check book control, and after talking to several mortgage companies and attornies this is what I was told. Clocing close in CR are much higher. read the article about financing on this site and it will explain the closing costs. good luck.

[DavidCMurray]

Could someone please give the rest of us a quick explanation of what a “non-recourse” mortgage is and how it differs from (I guess) a “recourse” mortgage. What are the advantages and disadvantages?

Thanks.

[tomtwoshoe]

Non recourse mortgage,basically, only the property itself is colateral for the loan,not personal assets.

[Author]

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