Tennessee 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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How a Reverse Mortgage Works in Tennessee

Many people look for a way to access more money in retirement. Home equity conversion mortgages (HECMs), commonly called reverse mortgages, can be a great option. They allow eligible Tennessee homeowners to tap into a portion of their home equity to increase their monthly cash flow and improve their quality of life.

Proceeds gained from a Tennessee reverse mortgage can be used for the following:

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Supplement sources of income such as Social Security
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Pay for medical visits, procedures, and billing
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Aid in daily costs like groceries, utilities, and more
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Help cover the costs for home repairs and renovations
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Finance retirement fun, hobbies, leisure, and travel

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.

To learn more about the structure of a reverse mortgage in Tennessee, download GoodLife’s reverse mortgage guide for additional information.

REVERSE MORTGAGE GUIDE

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:

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Borrowers must be at least 62 years of age

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Borrowers must own substantial equity in their home
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Borrowers must meet with a HUD-approved third-party counselor
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Borrowers must occupy the property as your primary residence
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Borrowers must be current on debts and other financial obligations
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Borrowers are required to maintain your home to all FHA standards

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.

Do you qualify for a Tennessee reverse mortgage?

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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.

Reverse Mortgage Calculator
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Qualification is based on the age of the youngest borrower, appraised property value, and current interest rates. Outstanding financial obligations and closing costs may impact the amount of your available loan proceeds.
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PAYOUT OPTION
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Lump Sum At Fixed Rate
This option allows you to receive a fixed interest rate on loan proceeds by taking a large, one-time payout at the time of close.
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Lump Sum At Variable Rate
By taking a portion of loan proceeds in a lump sum at the time of close, you can later withdraw additional funds at a variable interest rate.
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Line of Credit
A HECM credit line offers greater flexibility by allowing you to access loan proceeds as-needed. You only pay interest on the money you use, and the line of available credit grows over time.
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Contact our licensed reverse mortgage experts for an exact quote
Learn more with a free guide

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 homes 
  • 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.

For more information on Tennessee reverse mortgages, refer to GoodLife’s informative reverse mortgage FAQ. You can also contact one of our Reverse Mortgage Specialists to find out more.

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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!

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