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.

SB 2190, the "Tennessee Reverse Mortgage Innovation Act," updates Tennessee's reverse mortgage rules to modernize consumer protections and expand options for seniors. It allows counselors approved by the Department of Financial Institutions - not just Fannie Mae or HUD guidelines - to satisfy the mandatory counseling requirement before closing a reverse mortgage loan. The bill removes all references to Fannie Mae and HUD, clarifies that reverse mortgages are non-recourse loans (lenders can only claim the home's value), and prohibits cross-selling insurance or financial products as a loan condition. This directly affects senior homeowners seeking reverse mortgages and lenders offering these loans by streamlining compliance and aligning with national best practices.