Tennessee HB2382 modernizes reverse mortgage laws to expand financial tools for senior homeowners.

HB2382 updates Tennessee's reverse mortgage regulations by removing references to Fannie Mae and HUD, and aligning the state's laws with national best practices. The bill expands the types of reverse mortgage loans available, removes certain restrictions, and mandates independent counseling for borrowers. It also clarifies that reverse mortgage loans are non-recourse loans, meaning the lender's recovery is limited to the proceeds from the sale of the secured property. The act aims to position Tennessee as a leader in retirement innovation and flexibility.

Tennessee HB2382 modernizes reverse mortgage laws to expand financial tools for senior homeowners.

HB2382 updates Tennessee's reverse mortgage regulations by removing references to Fannie Mae and HUD, and aligning the state's laws with national best practices. The bill expands the types of reverse mortgage loans available, removes certain restrictions, and mandates independent counseling for borrowers. It also clarifies that reverse mortgage loans are non-recourse loans, meaning the lender's recovery is limited to the proceeds from the sale of the secured property. The act aims to position Tennessee as a leader in retirement innovation and flexibility.