Tennessee Statutes
§ 47-30-118 — Fannie Mae Reverse Mortgage Loans
Tennessee·Title 47
(a)When a Fannie Mae Reverse Mortgage Loan becomes due, the amount owed by the borrower shall not be greater than:
(1)The fair market value of the house; or (2) The outstanding balance of the loan, including any equity share, if applicable under the terms of the contract, whichever is less.
(b)The lender shall enforce the debt only through the sale of the property and shall not obtain a deficiency judgment against the borrower.
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Tennessee § 47-30-118 (Fannie Mae Reverse Mortgage Loans) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.
Legislative History
Acts 1997 , ch. 286, § 8.
Nearby Sections
15
§ 47-1-101
Short title§ 47-1-102
Scope of chapter§ 47-1-104
Construction against implied repeal§ 47-1-105
Severability§ 47-1-106
Use of singular and plural - Gender§ 47-1-201
General definitions§ 47-1-202
Notice - Knowledge§ 47-1-204
Value§ 47-1-205
Reasonable time - Seasonableness§ 47-1-206
Presumptions§ 47-1-302
Variation by agreement