This week, NRMLA submitted letters of support to the sponsors of Tennessee House Bill 2382 and Senate Bill 2190 that would authorize proprietary reverse mortgages.
Why it matters: Tennessee is one of a handful of states –others include Minnesota and Maryland—where current laws either prohibit proprietary reverse mortgages or have requirements that inhibit their offering.
What they’re saying: The bills represent an “important step toward expanding financial flexibility and the retirement options available to Tennessee seniors,” says NRMLA.
- NRMLA coordinated with members based in Tennessee to submit similar letters of support to their elected state representatives.
Go deeper: Both bills would, among other things: (1) rename the state’s existing law from the “Home Equity Conversion Mortgage Act” to the “Tennessee Reverse Mortgage Innovation Act”; (2) amend the definition of “reverse mortgage”; and (3) make other amendments to the bill to authorize proprietary reverse mortgages that comply with federal and Tennessee law.
What’s Next: View a copy of NRMLA’s letter by logging into NRMLAonline.org.
