Mortgages - As enacted, enacts the "Tennessee Reverse Mortgage Innovation Act." - Amends TCA Title 39, Chapter 15, Part 5; Title 45, Chapter 2, Part 12; Title 45, Chapter 20; Title 47, Chapter 30 and Title 67, Chapter 4, Part 4.

Summary

The bill rewrites Tennessee’s reverse‑mortgage statutes, replacing references to the Home Equity Conversion Mortgage program with a new “reverse mortgage” framework. It allows more lenders, including proprietary and non‑FHA‑insured loans, while adding consumer‑protection requirements such as mandatory counseling. The changes aim to give seniors more financing options and position the state as a leader in retirement‑housing innovation.

AI-generated summary — may be incomplete or inaccurate. Verify against the official bill text.

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