1-866-840-0279Tennessee Reverse Mortgages
A Tennessee reverse mortgage can help you achieve the financial freedom you deserve while living in the state you love.
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TennesseeUse the interactive map or the state selector to find more reverse mortgage information about your state.
How a Reverse Mortgage Works in Tennessee
Proceeds gained from a Tennessee reverse mortgage can be used for the following:
GoodLife’s reverse mortgage guide will explain exactly what you need to know about the HECM program. If you still have questions, don’t hesitate to reach out to one of our Reverse Mortgage Specialists.
Reverse Mortgage Qualifications & Requirements
Reverse mortgages in the United States are overseen by the Department of Housing and Urban Development (HUD) and the Federal Housing Administration (FHA). That means HECM loans in The Volunteer State must be administered in accordance with the regulations these federal administrations have put in place:
Borrowers must be at least 62 years of age
If you’re curious about your eligibility, you can review the reverse mortgage eligibility page to more thoroughly understand the requirements. A GoodLife Reverse Mortgage Specialist will always be happy to answer questions you might have.
Tennessee Reverse Mortgage Calculator
Our reverse mortgage calculator can give you a free estimate of how much home equity you may be able to access to increase your cash flow.
Tennessee Reverse Mortgage Process
The GoodLife reverse mortgage application process is fast and requires just a few steps to complete. We’re dedicated to helping you get the funding you need quickly, so you can start enjoying your life to the fullest with less financial stress.
Consultation
During the first stage, we will review the Tennessee reverse mortgage qualifications with you. We can also help you decide whether this form of financing is right for your retirement.
Counseling
All HECM applicants are required by the HUD to meet with an approved third-party counselor. Counselors help borrowers better understand how a reverse mortgage might fit into their personal financial picture.
Application
An FHA-approved appraiser will inspect your home to appraise its value for your loan. They will also ensure that the property satisfies FHA standards. You can use GoodLife’s reverse mortgage calculator to get a quick estimate of the amount you may be able to qualify for.
Funding
Approved applicants may choose to receive loan proceeds as a lump sum, a line of credit, or as a series of monthly payments after the application has been submitted. Disbursement will start soon after your loan has been approved.
Reverse Mortgages in Tennessee: FAQs
What if I still have an existing mortgage?
You can still apply for a reverse mortgage if you currently still owe money on a home loan — however, you must own significant equity in order to be approved. HECM funding will first be used to pay down the outstanding mortgage debt before the remaining funds are disbursed in your preferred form.
Are there monthly payments required on a TN reverse mortgage?
TN reverse mortgages do not require monthly payments until the loan becomes Due and Payable. This occurs under certain conditions such as the death of the borrower or the borrower moving out of the home. However, borrowers may also begin making payments prior to a maturation event.
Which properties in Tennessee qualify for a reverse mortgage?
From Sioux Falls to Rapid City, Tennessee reverse mortgage applicants may secure financing through any of the following types of home:
- Single-family homesÂ
- Townhomes
- FHA-approved condominiums
- Two- to four-unit properties
Properties with more than four units are considered commercial and are ineligible for a Tennessee reverse mortgage. Note that vacation homes are also ineligible, as these violate the requirement that the property you use to secure financing must be occupied as your primary residence.
Download the Reverse Mortgage Guide
Fill out the form to download our comprehensive GoodLife Guide to Reverse Mortgages or call to speak with a GoodLife Specialist!
