You are here:

Real Estate Home Mortgages/Using a building as collateral for a mortgage


I own a small apt house in upstate NY. I want to take out a mortgage on the property using only the building as collateral and not being personally liable. Do you know of any banks that give out this type of mortgage?

I am not aware of any loans like that with the exception of a reverse mortgage.  In order to qualify for a reverse mortgage you would need to be a minimum of 62 years old.  Some commercial loans will allow for the waiver of the personal guarantee, however in most cases the property must be a commercial property, not a residential home to qualify.

There may be some hard money lenders in the area willing to look at a non recourse loan, however terms are usually high and they those types of lenders are often difficult to find.  
About Real Estate Home Mortgages
This topic answers questions related to purchasing a home, owning a home, home ownership, mortgage education, mortgage applications, and mortgage needs whether buying a first home or refinancing a current loan. Issues related to home ownership, home equity, mortgage education, refinacing options, home improvment finacing, first time home loans, home equity loans, vactation home loans, and mortgages for investment homes are dealt with here also. Though not the primary focus of this topic, Home Equity Lines of Credits (HELOCS), reverse mortgages, and calculating home equity may also be asked. If you do not see your home mortgae, home finacing, or home equity question answered in this area then please ask a question here

Real Estate Home Mortgages

All Answers

Answers by Expert:

Ask Experts


Mark Schow


Can: reverse mortgage, mortgages of all types, debt management and settlement, foreclosure problems, real estate investment strategies. Can't: real estate law, standard banking outside mortgage and debt.


2002-2004 President of the Utah Association of Mortgage Brokers (UAMB) 2004-2008 Board member UAMB, Fraud task force chair, PR chair, Legislative chair. 2002-2005 Delegate to National Association of Mortgage Brokers, Legislative committee. 1996-2008 COO Debt Free Living- Now Debt Fast Track. Founder of company- consumer debt elimination company. 1994-2008 President Secured Financial Freedom. Mortgage broker, serviced nationwide, 120 employees and handled real estate investment loans for the Carlton Sheets group and some Rich Dad clients. 2005-2011 ARES, LLC. Owner, Manager. Private money investments, business consulting. 2011- present, Reverse My Mortgage, LLC. Managing Member. Reverse mortgage education, marketing and sales. 2011- present. Salt TV Network. Financial contributor, Sales Manager.


Publications,,,, yahoo answers, wiki answers, UAMB newsletters.

High School- Alta High graduated 1984 Brigham young University- 1986-1991 Business Finance Major

Past/Present Clients, Doreen Stein, PEI institute, Franklin Covey Coaching, Capital Financial Group, the rest are consumers- cannot give out names due to privacy but have had thousands of clients both for debt elimination and mortgage work.

©2016 All rights reserved.