If you're 62 or older and own your Tennessee home outright — or have significant equity — a HECM reverse mortgage may let you access that equity without a monthly mortgage payment. Tennessee has its own HECM Act layered on top of federal rules, built specifically to protect seniors through this process.
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Get My Free Funding Playbook™A HECM (Home Equity Conversion Mortgage) is a reverse mortgage insured by the FHA, available nationwide to eligible homeowners 62 and older. Tennessee homeowners have an added layer of protection: the state's own Home Equity Conversion Mortgage Act, which reinforces the federal counseling requirement and helps make sure Tennessee seniors work only with vetted, HUD-approved lenders before committing to anything.
Instead of you paying the lender each month, eligible proceeds can flow to you — as a line of credit, monthly advances, a lump sum, or a combination — while you continue living in the home as your primary residence and stay current on property taxes, homeowners insurance, and basic upkeep.
How much equity may be available generally depends on your age (older borrowers can typically access more), your home's appraised value, current interest rates, and the specific loan program. If you still owe money on your home, that balance is generally paid off first at closing using loan proceeds — any remaining eligible amount is then available to you.
There's no single number that applies to every Tennessee homeowner. Your HUD counseling session and a personal review of your numbers with Trevor are how you get a real answer for your specific situation. See the factors behind your estimate →
Federal law requires an independent counseling session with a HUD-approved counselor before any HECM application can move forward — and Tennessee's HECM Act reinforces this at the state level. The counselor doesn't work for Trevor, NEXA Mortgage, or any lender.
Sessions are typically done by phone, take about an hour, and produce a certificate valid for 180 days. Tennessee does not require in-person counseling. Call for a referral to a HUD-approved counselor serving Tennessee.
HUD's official counselor search is also available directly at hud.gov/program_offices/housing/sfh/hcc/hcc_home.
You retain title to your home throughout the loan. When the loan becomes due — typically when the last borrower sells, permanently moves out, or passes away — your heirs generally have options: repay the loan and keep the home, sell the home and keep any remaining equity, or walk away with no further obligation. HECM loans are non-recourse, meaning heirs will never owe more than the home is worth at repayment, regardless of the loan balance.
Trevor works with qualifying Tennessee homeowners statewide, including Memphis, Germantown, Bartlett, and Collierville, along with homeowners in Nashville, Knoxville, Chattanooga, Murfreesboro, and Jackson. Reverse mortgage rules, HUD counseling requirements, and Tennessee's HECM Act apply the same way regardless of where in the state you live.
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