Find the Best Reverse Mortgage Lenders in Nashville, TN

How to choose a reverse mortgage lender in Nashville

Nashville is rapidly becoming a top destination for retirees. Those who are interested in retiring are settling down in popular neighborhoods such as Forest Hills, Belle Meade and Brentwood.

As they approach retirement, many seniors consider a reverse mortgage to supplement their retirement income, pay bills or cash in from the rising value of their house. Given trends of rising home values in Nashville (8.2% from 2017 to 2018) and statewide growth in home equity ($11,000 increase in 2017) a reverse mortgage can have beneficial effects for senior homeowners.

Reverse mortgages are offered to Nashville residents 62 and over who either own their home or have a minimal amount left to pay on their mortgage. This option allows you to borrow against the equity you have on your current home. So long as your home is your primary residence and you pay property taxes, as well as insurance, you will not have to repay the loan principal or interest.

Once you sell your home or no longer occupy it, the cash and interest must be repaid. Once the initial loan is paid off, the remaining equity in your home can be passed down to your children or heirs.

As in most states, reverse mortgage lenders in Nashville consider the following factors when determining the maximum amount that can be borrowed:

• The age of the youngest borrower at the time of the loan
• The appraised value of the home
• Current home loan interest rates in Nashville

In addition, to qualify for a reverse mortgage in Nashville, recipients must meet the following criteria:

• Homeowners must be a minimum of 62 years old.
• Homeowners must reside in the property as their primary residence.
• The property must meet minimum Federal Housing Administration standards.
• The property must be either a single-family home or a 2-4 unit property, FHA-approved condo or townhome.
• Homeowners cannot be neglectful on any outstanding federal debt.
• Homeowners must complete Department of Housing and Urban Development-approved counseling.

Reverse mortgage options include Home Equity Conversion Mortgages (HECM) and Proprietary Reverse Mortgages. Meeting with a reverse mortgage lender in Nashville will help you determine which type of loan is right for you. Choose from the list of companies below.