Tennessee § 47-30-112 Borrower's default - Terms and conditions

Tennessee Statutes

§ 47-30-112 — Borrower's default - Terms and conditions

Tennessee § 47-30-112

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This text of Tennessee § 47-30-112 (Borrower's default - Terms and conditions) is published on Counsel Stack Legal Research, covering Tennessee primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

Tenn. Code Ann. § 47-30-112 (2026).

Text

A reverse mortgage loan contract may provide for a borrower's default, thereby triggering early repayment of the loan, based only upon one (1) or more of the following terms and conditions:

(1)The borrower fails to maintain the residence as required by the contract;

(2)The borrower sells or otherwise conveys title to the home to a third party;

(3)The borrower dies and the home is not the principal residence of the surviving borrower;

(4)The home is not the principal residence of at least one (1) of the borrowers for a period of twelve (12) consecutive months for reasons of physical or mental illness;

(5)For reasons other than physical or mental illness, the home ceases, without prior written permission from the lender, to be the principal residence of the borrower for a period of nine

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A reverse mortgage loan contract may provide for a borrower's default, thereby triggering early repayment of the loan, based only upon one (1) or more of the following terms and conditions: (1) The borrower fails to maintain the residence as required by the contract; (2) The borrower sells or otherwise conveys title to the home to a third party; (3) The borrower dies and the home is not the principal residence of the surviving borrower; (4) The home is not the principal residence of at least one (1) of the borrowers for a period of twelve (12) consecutive months for reasons of physical or mental illness; (5) For reasons other than physical or mental illness, the home ceases, without prior written permission from the lender, to be the principal residence of the borrower for a period of ninety (90) consecutive days and is not the principal residence during such period of another borrower under the loan; (6) The borrower fails to pay property taxes, hazard insurance premiums, mortgage insurance premiums, service fees or assessments under § 47-30-106 ; or (7) The mortgage or deed of trust ceases to constitute a first lien on the property securing the reverse mortgage loan.