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Committee approves bill modernizing reverse-mortgage law, supporters stress counseling remains
Summary
The committee passed legislation modernizing Tennessee’s reverse mortgage statutes 19–2, with sponsors saying the bill broadens eligibility and updates outdated references while preserving counseling and consumer protections.
Lawmakers advanced a modernization of Tennessee’s reverse-mortgage code following sponsor remarks that the current statutes were tailored to older FHA programs and excluded many potential borrowers. The sponsor said the bill expands eligibility and updates statutory language while preserving required counseling and existing consumer safeguards.
Several members voiced concern about increasing seniors’ exposure to poorly understood products; Chairman Clemens asked whether the measure would weaken consumer protections. Sponsors and backers replied the bill does not eliminate counseling requirements or weaken protections. After brief questioning, the committee recorded a 19–2 vote to advance the bill to Calendar and Rules.
