Modernizes Tennessee's reverse mortgage laws, renaming and updating regulations.

The bill updates Tennessee's reverse mortgage laws, renaming the "Home Equity Conversion Mortgage Act" to the "Tennessee Reverse Mortgage Innovation Act." It removes references to Fannie Mae and HUD, aligning the state's regulations with best practices. The bill prohibits lenders from requiring the purchase of financial products as a condition for a reverse mortgage and mandates that lenders be designated by the commissioner. It also ensures that reverse mortgage loans are non-recourse and require independent counseling for borrowers.

Modernizes Tennessee's reverse mortgage laws, renaming and updating regulations.

The bill updates Tennessee's reverse mortgage laws, renaming the "Home Equity Conversion Mortgage Act" to the "Tennessee Reverse Mortgage Innovation Act." It removes references to Fannie Mae and HUD, aligning the state's regulations with best practices. The bill prohibits lenders from requiring the purchase of financial products as a condition for a reverse mortgage and mandates that lenders be designated by the commissioner. It also ensures that reverse mortgage loans are non-recourse and require independent counseling for borrowers.