§ 47-29-103. Remedies Cumulative
The remedies provided under this chapter shall be in addition to and not in lieu of any rights and remedies available under the Uniform Commercial Code as provided in Chapters 1 9 of this title.
§ 47-30-101. Short Title
This chapter shall be known and may be cited as the “Home Equity Conversion Mortgage Act.”
§ 47-30-102. Chapter Definitions
As used in this chapter, unless the context otherwise requires: “Authorized lender” or “lender” means: A bank, savings and loan association, savings bank, savings institution, or credit union chartered under the laws of the United States or of Tennessee; The Tennessee housing development agency (THDA); provided, that such agency has authority by THDA board resolution […]
§ 47-30-103. Authorized Lenders — Designation — Application
No person, firm, or corporation shall engage in the business of making reverse mortgage loans, unless such person, firm, or corporation is an authorized lender. The Tennessee housing development agency, and any bank, savings institution, or credit union, shall be designated an authorized lender by providing notice, not less than thirty (30) days prior to […]
§ 47-30-104. Compliance — Noncomplying Loans Unenforceable — Counseling
No authorized lender shall issue a reverse mortgage loan contract unless it complies with all requirements for participation in HUD’s Home Equity Conversion Mortgage Program (or other similar federal reverse mortgage loan program from time to time created) and is insured by the federal housing administration or other similar federal agency or is a Fannie […]
§ 47-30-105. Contract for the Payment of Interest
Notwithstanding any other law to the contrary, the parties to a reverse mortgage loan may contract for the payment of interest at a rate which does not exceed the rate permitted for home loans under chapter 15 of this title. Interest shall be deferred until the earliest occurrence of one (1) or more events specified […]
§ 47-30-106. Contract May Require Borrower to Pay Certain Taxes, Premiums and Assessments
A reverse mortgage loan contract may provide that it is the primary obligation of the borrower to pay some or all of the property taxes, hazard insurance premiums, private or federal mortgage insurance premiums, and assessments, in a timely manner, and that the failure of the borrower to make these payments and to provide evidence […]
§ 47-30-107. Fees — Calculation of Outstanding Loan Balance — Prepayment
If a reverse mortgage loan contract allows for a change in the payments or payment options, the lender may charge a reasonable fee when payments are recalculated. The reverse mortgage loan contract may provide for: A monthly service fee; A fee for mortgage insurance premiums, which may be collected monthly or in advance. These fees […]
§ 47-28-105. Reduction in Credit Limit — Notice of Limitation
The credit limit under an open-end mortgage may be reduced by the borrower, whether the advances to be made thereunder are obligatory or optional, to an amount not less than the amount of principal indebtedness shown on the most recent statement of the borrower’s account received by the borrower from the creditor, plus the amount […]
§ 47-28-106. Obligations of Borrower
The serving and recording of a notice of limitation shall not relieve the borrower from the obligation to pay any amounts due or to become due the creditor, or from the performance of any other obligations under the open-end mortgage, or the agreement which it secures, or any note evidencing obligations thereunder.