Tennessee Governor Bill Lee signed legislation (HB 2382) into law this week authorizing the approval of proprietary reverse mortgages in the state. The law took immediate effect.
Why it matters: Tennessee was one of a handful of states where existing laws either prohibited proprietary reverse mortgages or imposed restrictions that limited their availability.
As part of NRMLA’s advocacy efforts, the association submitted letters of support to the bill’s sponsors, Tennessee State Senator John Stevens and State Representative Kevin Vaughn. NRMLA also requested a technical amendment to broaden the definition of “reverse mortgage,” allowing second-lien products to be offered as well.
NRMLA extends its appreciation to Jackson Matheson of Fairway Home Mortgage for spearheading the effort to get the bill written, introduced and passed.
