Tennessee § 47-30-118 Fannie Mae Reverse Mortgage Loans

Tennessee Statutes

§ 47-30-118 — Fannie Mae Reverse Mortgage Loans

Tennessee § 47-30-118

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This text of Tennessee § 47-30-118 (Fannie Mae Reverse Mortgage Loans) 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. § 47-30-118 (2026).

Text

(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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(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.