Using a Reverse Mortgage to Plan a Comfortable Retirement in Tennessee

The home equity conversion mortgage (HECM) is an option that more and more people are taking advantage of in the state of Tennessee. In an ideal world, we would all have more than enough money for retirement. We would have retirement accounts we have built up for years, pensions, and all of our bills paid off. With a financial situation like this, we would be free to enjoy our retirement without having to worry about money ever again.

Unfortunately, not everyone is lucky enough to be in this type of financial situation. In fact, more than a few people in TN lack sufficient savings to retire comfortably on, and most of these people are still burdened by debt including a mortgage payment. If this describes your situation, then you are probably wondering how you can afford to retire. Part of the answer could be getting a reverse mortgage.

Find out how a reverse mortgage loan can be part of a comfortable retirement. Click here for free information.

A Tennessee Reverse Mortgage Can Help Ease Your Money Problems

One of the nice things about a reverse mortgage is that the proceeds can be used to eliminate your monthly mortgage payment. Suddenly, all of that money you have been spending each month is freed up. Then, you can further ease your financial burden by using the equity in your home to pay off some or all of the rest of your debt. Now, you have gone from being worried about how you are going to pay your bills to significantly reducing these concerns.

You may not have as much money saved up as you wish you had, but if you can effectively reduce your bills to a minimum amount, then you won’t need a lot of money. You’ll be able to apply for social security, plus any savings you do have will go a lot farther when you aren’t paying on a bunch of different debts every month. In other words, you’ll be able to make up for the fact that you may not have been able to, or had the foresight to, plan properly for retirement. With a reverse mortgage, you can go from lacking the financial resources you need to enjoy your retirement, to having the money you need to improve your quality of life.

Do the Things You Have Always Wanted to Do

When you no longer have to worry about how to make a monthly mortgage payment that can free you up on an emotional and financial level to enjoy life like never before. On top of that, knowing that you have access to cash when you need it in the form of equity in your house that you can draw from is also incredibly beneficial. That means that you don’t have to save money for years in order to pay for a dream vacation. You can use the money you have already saved, in the form of the mortgage payments you have been making, to do things like taking a trip that you have always wanted to go on.

Interested in a Tennessee reverse mortgage? Click here for a free information kit!

Leading Tennessee Reverse Mortgage Companies

Lender Loans Total Principal Limit
AMERICAN ADVISORS GROUP 3,053 631,220,185
WELLS FARGO 1,378 211,473,964
ONE REVERSE MORTGAGE LLC 1,180 189,103,508
NEW CASTLE MORTGAGE LLC 1,100 233,540,555
MORTGAGE SOUTH OF TENNESSEE 920 108,085,881
FINANCE OF AMERICA REVERSE LLC 762 166,435,555
FOUNTAIN CITY FUNDING INC. 698 134,142,083
METLIFE BANK NATIONAL ASSOCIATION 491 87,089,530
FINANCIAL FREEDOM SENIOR FUNDING CORP 441 56,210,024
FIRSTBANK 430 83,253,751
MORTGAGE SOUTH OF TENNESEE 335 88,163,309
PEOPLES HOME EQUITY INC 321 57,412,844
MUTUAL OF OMAHA MORTGAGE INC. 320 113,174,960
BANK OF AMERICA 289 54,925,663
LIBERTY HOME EQUITY SOLUTIONS INC 253 41,257,650
SOUTH RIVER MORTGAGE LLC 225 75,283,700
GENERATION MORTGAGE COMPANY 194 36,328,020
MORTGAGE INVESTORS GROUP 192 42,581,926
LONGBRIDGE FINANCIAL LLC 189 67,695,730
REVERSE MORTGAGE FUNDING LLC 178 48,073,571

Since 2012

Lender Loans Total Principal Limit
AMERICAN ADVISORS GROUP 2,687 574,305,625
NEW CASTLE MORTGAGE LLC 687 160,273,277
ONE REVERSE MORTGAGE LLC 659 116,046,348
FOUNTAIN CITY FUNDING INC. 514 103,057,875
FINANCE OF AMERICA REVERSE LLC 470 131,294,675
FIRSTBANK 366 73,333,801
MORTGAGE SOUTH OF TENNESEE 335 88,163,309
MUTUAL OF OMAHA MORTGAGE INC. 320 113,174,960
LIBERTY HOME EQUITY SOLUTIONS INC 236 39,344,150
SOUTH RIVER MORTGAGE LLC 225 75,283,700

Interested in a Tennessee reverse mortgage? Click here for a free information kit!

Reverse Mortgage Interest Rates Tennessee

Current Rates

Date Fixed Rate Adjustable Rate
2019-01-01 4.52% 4.97%
2019-02-01 4.95% 5.16%
2019-03-01 NA 4.95%
2019-04-01 4.88% 5.12%
2019-05-01 NA 4.90%
2019-06-01 4.87% 4.97%
2019-07-01 NA 4.51%
2019-08-01 NA 4.49%
2019-09-01 NA 4.12%
2019-10-01 4.28% 4.26%
2019-11-01 NA 4.36%
2019-12-01 NA 4.27%
2020-01-01 NA 4.07%
2020-02-01 NA 3.92%
2020-03-01 NA 4.16%
2020-04-01 NA 3.64%
2020-05-01 3.18% 3.55%
2020-06-01 4.12% 3.27%
2020-07-01 3.76% 3.31%
2020-08-01 3.18% 3.07%
2020-09-01 3.06% 3.18%
2020-10-01 3.08% 3.04%
2020-11-01 3.31% 3.04%
2020-12-01 NA 2.94%
2021-01-01 2.99% 2.93%
2021-02-01 3.10% 2.79%
2021-03-01 4.18% 2.55%
2021-04-01 3.39% 2.54%
2021-05-01 3.50% 2.34%
2021-06-01 NA 2.27%
2021-07-01 3.25% 2.33%
2021-08-01 3.31% 2.35%
2021-09-01 3.56% 2.26%
2021-10-01 NA 2.19%
2021-11-01 3.35% 2.21%
2021-12-01 3.54% 2.35%
2022-01-01 3.27% 2.48%
2022-02-01 3.42% 2.52%
2022-03-01 3.62% 2.94%
2022-05-01 NA 3.88%
2022-04-01 3.81% 3.25%
2022-06-01 4.01% 4.09%
2022-07-01 4.31% 4.73%
2022-08-01 5.06% 5.17%
2022-09-01 5.97% 5.55%
2022-10-01 5.56% 5.95%
2022-11-01 5.93% 6.64%
2022-12-01 NA 6.95%
2023-01-01 7.71% 7.16%
2023-02-01 NA 7.01%
2023-03-01 NA 7.29%
2023-04-01 NA 7.05%
2023-05-01 NA 7.08%
2023-06-01 NA 7.20%
2023-07-01 6.81% 7.60%
2023-08-01 NA 7.77%
2023-09-01 NA 7.79%
2023-10-01 6.68% 7.73%
2023-11-01 NA 7.59%
2023-12-01 NA 7.69%

Historic Rates

Date Fixed Rate Adjustable Rate
2016-01-01 4.98% 3.47%
2016-02-01 4.97% 3.67%
2016-03-01 5.06% 3.75%
2016-04-01 5.05% 3.83%
2016-05-01 5.06% 3.97%
2016-06-01 5.06% 4.00%
2016-07-01 5.06% 4.15%
2016-08-01 5.05% 4.25%
2016-09-01 5.02% 4.45%
2016-10-01 5.06% 4.36%
2016-11-01 4.94% 4.58%
2016-12-01 5.03% 4.57%
2017-01-01 4.96% 4.66%
2017-02-01 5.04% 4.47%
2017-03-01 4.93% 4.49%
2017-04-01 4.97% 4.27%
2017-05-01 5.04% 4.41%
2017-06-01 5.01% 4.39%
2017-07-01 5.06% 4.40%
2017-08-01 4.97% 4.48%
2017-09-01 5.00% 4.54%
2017-10-01 5.05% 4.45%
2017-11-01 5.05% 4.54%
2017-12-01 5.06% 4.62%
2018-01-01 4.72% 4.65%
2018-02-01 4.81% 4.56%
2018-03-01 4.90% 4.56%
2018-04-01 4.74% 4.63%
2018-05-01 4.85% 4.79%
2018-06-01 4.78% 4.66%
2018-07-01 4.62% 4.72%
2018-08-01 4.98% 4.74%
2018-09-01 4.77% 4.79%
2018-10-01 4.50% 5.01%
2018-11-01 4.49% 4.91%
2018-12-01 4.50% 4.96%

Top Cities in Tennessee by Total HECM Loans Originated

Rank City Zip Total
1 HENDERSONVILLE 37075 264
2 CHATTANOOGA 37421 210
3 FRANKLIN 37064 200
4 HIXSON 37343 198
5 MEMPHIS 38109 197
6 NASHVILLE 37207 194
7 NASHVILLE 37211 188
8 KNOXVILLE 37918 186
9 GALLATIN 37066 178
10 CLEVELAND 37312 174
11 BRISTOL 37620 169
12 KNOXVILLE 37920 168
13 COLUMBIA 38401 165
14 MARYVILLE 37803 153
15 LOUDON 37774 150
16 OOLTEWAH 37363 149
17 CROSSVILLE 38558 149
18 BRENTWOOD 37027 146
19 KINGSPORT 37660 144
20 MURFREESBORO 37129 136
21 SEVIERVILLE 37876 136
22 MOUNT JULIET 37122 135
23 NASHVILLE 37206 135
24 JOHNSON CITY 37601 133
25 ANTIOCH 37013 131
26 NASHVILLE 37216 128
27 NASHVILLE 37221 127
28 CLEVELAND 37323 127
29 CHATTANOOGA 37415 124
30 KNOXVILLE 37923 124

Housing Counselors

PARTNERSHIP FOR FAMILIES, CHILDREN AND ADULTS/CCCS OF CHATTANOOGA
5600 BRAINERD RD STE 1
CHATTANOOGA, TN 37411-5373
(423) 490-5620
http://www.CreditHelpToday.org

WOODBINE COMMUNITY ORGANIZATION
643 SPENCE LN
NASHVILLE, TN 37217-1141
(615) 850-3452
http://www.woodbinecommunity.org/

RESIDENTIAL RESOURCES, INC.
604 GALLATIN AVE STE 103
NASHVILLE, TN 37206-3475
(615) 650-9779
http://residentialresourcesinc.com

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