It's helpful to work with reverse mortgage licensed specialists in the area because they understand the real estate environment in your state. Please fill out the form on this page to have a reverse mortgage specialist contact you. And of course, if you have any questions about applying for a reverse mortgage in Tennessee, don't hesitate to contact one of our specialists at any time.Reverse mortgages are federally insured by the FHA, or Federal Housing Administration. If you live in the state of Tennessee, your loan will be federally protected just like in any other U.S. state. But why get a reverse mortgage?
Cost of LivingMaking the monthly bills on a limited income can be hard. Mortgage payments and costly medical bills make it harder. While you're living on a restricted budget, the fortune you so wisely invested in your home's equity just sits there waiting to be used. You could access that equity through reverse mortgages. Tennessee residents may qualify for either fixed or adjustable reverse mortgages, which allow them to put their equity to work. You pay no interest payments or loan payments for as long as you own and live in your home.* You're required to pay back the loan only when you move, sell the property, or pass away. You remain the owner of the home, and must continue to pay property taxes, insurance fees, and home maintenance costs. When the loan comes due you (or your heirs) have the option of selling the home or, if your heirs wish to keep the property, refinancing the loan as a traditional mortgage.
Live Closer to Your FamilyIf your family lives in Tennessee and you don't, you may want to move closer to them. We may help thanks to our reverse mortgage for purchase program. Tennessee enthusiasts who qualify for a reverse mortgage for purchase can use the loan to buy a home anywhere in the United States. Like other reverse mortgages, a reverse mortgage for purchase doesn't come due until the last homeowner sells the home, moves out of the home, or passes away.. One caveat though - HECMs only apply to primary residences. You can't purchase a vacation home with reverse mortgages.
Reverse Mortgage SpecialistsOne Reverse Mortgage works with multiple reverse mortgage licensed specialists in Tennessee. If you have any questions about applying for a reverse mortgage in Tennessee, please fill out the form on this page to have a reverse mortgage specialist contact you.
*Homeowner must still maintain the property, pay homeowners insurance, and property taxes to avoid foreclosure.