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Showing 2 reverse mortgage specialists in Lenoir City, TN
Listings are displayed in no particular order and are not ranked by BeforeMortgageUSA. Order does not constitute a recommendation or endorsement of any broker.
Mortgage Investors Group
106 N A St, Lenoir City, TN 37771
8659888622
Tandy Shuler, NMLS #182009
106 N A St, Lenoir City, TN 37771
8659888622
What Does a Reverse Mortgage Specialist in Lenoir City Cost?
Typical costs for a reverse mortgage in Tennessee include an origination fee up to $6,000, a mortgage insurance premium of 2% of the appraised value, and third-party fees for appraisal title search and recording. Closing costs generally range from $2,000 to $8,000 depending on the property value and lender. These costs are usually financed into the loan rather than paid out of pocket. This information is general and not mortgage or financial advice.
* Cost estimates are general ranges based on publicly available data and compiled using automated research tools. Actual fees vary by agent and case complexity. This is not mortgage or financial advice — consult directly with an agent for fee specifics.
Frequently Asked Questions
What are the eligibility requirements for a reverse mortgage in Lenoir City Tennessee?
Borrowers must be at least 62 years old and own their home outright or have a low mortgage balance. The home must be the primary residence and meet HUD property standards. Tennessee law also mandates a mandatory counseling session with a HUD-approved counselor before the loan can proceed.
How much can I borrow with a reverse mortgage in Lenoir City?
The amount depends on the appraised value of your home, your age, and current interest rates. In Tennessee, the maximum claim amount for a HECM reverse mortgage is $1,089,300 as of 2024. Older borrowers typically qualify for a larger portion of their home equity.
Are reverse mortgage proceeds taxable in Tennessee?
Reverse mortgage proceeds are generally not considered taxable income by the IRS or the state of Tennessee. However, interest on the loan is not deductible until the loan is paid off. You should consult a tax professional for advice specific to your situation.