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 renames and revises Tennessee’s reverse‑mortgage statutes, replacing references to the Home Equity Conversion Mortgage program with a broader definition of reverse mortgages. It allows proprietary, non‑FHA‑insured loans, requires lender approval by the Department of Financial Institutions, and adds safeguards such as mandatory counseling and labeling. The changes aim to give seniors more financing options while protecting them from predatory practices.

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

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