Mortgages - As enacted, enacts the "Tennessee Reverse Mortgage Innovation Act." - Amends TCA Title 39, Chapter 15, Part 5; Title 45, Chapter 2, Part 12; Title 45, Chapter 20; Title 47, Chapter 30 and Title 67, Chapter 4, Part 4.

HB 2382, the "Tennessee Reverse Mortgage Innovation Act," updates Tennessee's reverse mortgage regulations to modernize consumer protections and align with national practices. It requires lenders to verify borrowers received independent counseling from a department-approved counselor before closing, replacing prior references to Fannie Mae or HUD guidelines. The bill also prohibits cross-selling financial products (like annuities) as a condition of obtaining a reverse mortgage and clarifies that reverse mortgage loans are non-recourse. These changes directly affect senior homeowners seeking reverse mortgages and lenders offering such loans in Tennessee. The legislation aims to expand consumer choice while maintaining safeguards for vulnerable borrowers.