Capital Home Mortgage Tennessee

Tennessee Reverse Mortgages

Tennessee Reverse Mortgage Lender

Welcome to Capital Home Mortgage Tennessee.  Where our goal is simple, to provide Tennessee Seniors access to every Tennessee Reverse Mortgage product available while providing sound financial advice of the pros and cons to each of the Tennessee Reverse Mortgages.   We understand that considering a reverse mortgage is an important decision for seniors and that is why Capital Home Mortgage Tennessee provides dedicated points of contact throughout the reverse mortgage process to ensure that every question is answered and that you have the same representative to walk you through the process.  This assures outstanding customer service and provides a stress-free experience.  Tennessee is a direct Tennessee Reverse Mortgage Lender that offers seniors both refinance and purchase reverse mortgagees, while managing the entire lending process from beginning to end.  Our in-house processing and underwriting enables for quick, common sense approvals and timely closings.  Rest assured  we have complete control over everything from the application to the funding.

Thank you for the opportunity to earn your business.  Call today (615) 549-5666 to talk begin the process or to one of our Tennessee Reverse Loan Specialists.

Tennessee Reverse Home Mortgages

Tennessee Reverse Home Mortgages

In Tennessee, reverse mortgages follow the same basic principles and regulations as in other states, but there may be some specifics or considerations unique to Tennessee.

To qualify for a reverse mortgage in Tennessee, homeowners must be at least 62 years old and own their home outright or have a low mortgage balance that can be paid off with the proceeds from the reverse mortgage.  The property used for the reverse mortgage must be the primary residence of the borrower and meet certain criteria set by the Federal Housing Administration (FHA), such as being a single-family home, a one-to-four unit dwelling, or an approved condominium or manufactured home.

Before obtaining a reverse mortgage in Tennessee, borrowers are required to undergo counseling from a HUD-approved counselor. This counseling session aims to ensure that borrowers fully understand the implications and obligations of a reverse mortgage.  Reverse mortgage loan limits in Tennessee, as in other states, are subject to change and are determined by factors such as the borrower’s age, the home’s appraised value, and current interest rates.

One of the unique aspects of a Tennessee reverse mortgage is that repayment is typically not required until the borrower no longer occupies the home as their primary residence. At that point, the loan becomes due, and the borrower or their heirs must repay the loan amount, usually by selling the home, or refinancing it.

Tennessee, like many other states, has regulations in place to protect borrowers who obtain reverse mortgages. These regulations may include requirements for lenders to provide clear and accurate information about the terms of the loan, as well as provisions for counseling and other safeguards.

Interest rates and fees associated with reverse mortgages in Tennessee may vary depending on the type of Tennessee Reverse Mortgage and the specific terms of the loan.

It’s important for anyone considering a reverse mortgage in Tennessee to thoroughly research their options, understand the terms and requirements of the loan, and consult with a financial advisor or Tennessee Reverse Specialist to ensure it’s the right choice for their financial situation.

Additionally, borrowers should be aware of any potential implications for their eligibility for government benefits such as Medicaid or Supplemental Security Income (SSI).

Tennessee Reverse Mortgages

Tennessee Reverse Mortgages

Retirement life can be challenging, and when you reach the age of seniority or 62 years old in Tennessee, you’ll potentially have the most extended holiday of your life.  You’ll say goodbye to going to work on Mondays and miss the fun of leaving work on Fridays.  After all, you’re retired.   However, retirement also means that you have limited sources of income.  While you may have insurance, pensions, and investments, they can be inadequate.  The good news is you can access additional financing through a Tennessee Reverse Mortgage.

A Tennessee Reverse Mortgage is a home mortgage program where the borrower gives up the equity in their home in exchange for a fixed amount of cash against the equity in their home.  The critical factor here is that the borrower owns and occupies the property as a primary residence.  Reverse mortgages provide qualified senior citizens with a steady stream of additional cash flow during retirement.

This mortgage program is a great way to realize the value of your investment.  Homes are still investments, and most people don’t enjoy their value because they can’t sell them.  With reverse mortgages, you can borrow against the value of your home, receive money from the mortgage, and get to keep staying in your home.  The loan must be repaid when the homeowner sells or vacates the property, or earlier under specific conditions, such as failure to pay property taxes, homeowners insurance, or neglect of home maintenance.

Capital Home Mortgage Tennessee offers reverse mortgages in Tennessee.  Call (615) 549-5666 to speak with our Tennessee Reverse Specialists and discover if a reverse is right for you.

Tennessee REverse Home Loans

Reverse Mortgage Loans offer seniors options to use their home’s equity for cash or to eliminate payments. Call today to get speak to a Reverse Loan Officer.

  • Purchase & Refinance
  • Primary Only
  • 62 Years or Older
  • Required Hud Counseling
  • Homeowners Insurance Required
  • Must Continue to Pay Taxes
  • Meet Required Equity Values

Texas HECM Reverse Mortgage

Texas Proprietary Reverse Mortgage

Texas single purpose Reverse

Tennessee HECM Reverse

Tennessee Home Equity Conversion Mortgages

A Tennessee Home Equity Conversion Mortgage is the most prevalent reverse mortgage type because it has no restrictions. In other words, you get to use the money in any way you want enabling seniors to access a portion of their home’s equity.  The HECM allows the borrower to withdraw cash in a fixed monthly amount, a line of credit, or a combination of both.  A HECM can also be used to purchase the borrower’s primary residence as well.  The HECM is insured and regulated by the U.S. Department of Housing and Urban Development (HUD), and under is under the division of the Federal Housing Administration (FHA).

  • Advantages of a HECM
    • No credit score requirements
    • Tax-exempt funds
    • No monthly loan payments are due.  Owner Still Responsible for Property Taxes, Insurance, Property Related Charges
    • Lenient income requirements
    • The ability to obtain funds based on their home equity
    • Depending on their preferences, homeowners can get cash through a line of credit, modified tenure, etc
  • Dis-Advantages of a HECM
    • Property must be their primary residence for most of the year
    • Must repay the HECM if they sell the home or relocate
Tennessee Proprietary Reverse

Tennessee Proprietary Reverse Mortgage

A Tennessee Proprietary Reverse Mortgage is a private mortgage that is not guaranteed by the federal government and is typically issued to borrowers who require more than the HECM maximum. It enables the homeowner to access the equity in their house and utilize the funds for any purpose.  However, they are not regulated; therefore, the loan terms might vary significantly between lenders.

  • Advantages of a Proprietary Reverse Mortgage
    • Homeowners can use the money from their home equity for anything they want.
    • Possible to get more money than with reverse mortgages insured by the government.
Tennessee single purpose Reverse

Tennessee Single Purpose Reverse Mortgage

The Tennessee Single-Purpose Reverse Mortgage is a government or non-profit-backed option for accessing home equity for a particular purpose. A single-purpose reverse mortgage is an agreement between a lender and a borrower in which the lender gives the borrower money in exchange for a portion of the borrower’s home equity. The payments received by the borrower must be used for a specific purpose approved by the lender and specified in the loan.

  • Advantages of a Single-Purpose Reverse Mortgage:
    • Eliminating traditional mortgage payments and accessing home equity while still owning and living in the home.
    • Modifying an asset that would otherwise be hard to sell into cash that can be used to pay bills in retirement.
  • Disadvantages of Single-Purpose Reverse Mortgages:
    • As time goes on, the amount owed to the lender on the loan balance goes up. The home equity decreases as interest and fees are added to the loan balance each month.
    • With a single-purpose reverse mortgage, the money can only be used for the purpose approved and written into the loan.  This limits how the funds can be used.
Why Tennessee Seniors are Choosing Capital Home Mortgage
Close On Time

Complete Control from Application to Funding

Low Rates & Low Fees

Direct Lender with Competitive Rates & Low Fees

Exceptional Service

7  Day a Week Support Application to Final Mortgage Payment

Tennessee Reverse Mortgage Rates

Have you ever wondered why interests rates are what they are and what determines the final rate?  Why borrowers receive different interest rates? Or why rates go up and down?  Interest Rates are calculated using several factors.

  • Demand for mortgage Securities
  • Property securing the mortgage
  • occupancy of the property
  • Loan to value of the property
  • Borrower’s credit worthiness

Tennessee Mortgage Team

Sam Klaburner

Sr Loan Officer
NMLS #140132

Rebecca Solomon

Sr Loan Officer
NMLS #156188

Dale Gremillion

Sr Loan Officer
NMLS #210325

Conor Hayhurst

Branch Manager
NMLS #743506

Tennessee Mortgage Company Reviews

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Texas USDA Home loans

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Your Home Texas at Work

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Making Texas Mortgages Possible

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Build Your Texas Dream Home

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Texas Refinance Mortgage loans

Texas Rate & Term Refinance

Refinancing can be a hard decision and the payback can sometimes be confusing.  Call today and let our Loan Officers walk you through the process.
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