Tennessee Reverse Mortgage Facts
| State | Homeowners Age 62+ | Reverse Mortgages Closed Last 12 Months | Purchase Reverse Mortgages Closed Last 12 Months | Lenders in Tennessee | Avg. Home Value |
|---|---|---|---|---|---|
| Tennessee | 619,886 | 716 | 34 | 63 | $310,132 |
Tennessee Reverse Mortgage Lending Limits
Tennessee, part of the Southeastern United States, ranks as the 16th most populous state and the 36th largest by geography. As of 2024, the state’s population is approximately 6.9 million, with over 614,000 residents aged 62 or older who are homeowners, making them potential candidates for reverse mortgages.
History and Economic Overview
Known as “The Volunteer State”, Tennessee earned its nickname during both the War of 1812 and the Mexican-American War, when large numbers of volunteers from the state enlisted to serve. Tennessee has played an essential role in U.S. history and is home to rich cultural and musical heritage, particularly in Nashville, often referred to as “Music City.”
Tennessee’s economy is driven by healthcare, automotive manufacturing, and tourism. Major employers in the state include FedEx, Nissan, and Vanderbilt University Medical Center.
Climate and Geography
Most of Tennessee enjoys a humid subtropical climate, which appeals to many retirees, including “snowbirds” who flock to the state for its mild winters. Clingmans Dome, located on the eastern border along the Appalachian Trail, is the highest point in the state at 6,643 feet, and the highest peak east of the Mississippi River.
Tennessee’s lack of a state income tax is another key factor that attracts many to the state, especially retirees.
Largest Cities
Tennessee’s largest cities include:
- Memphis: Known for its role in blues music and its rich cultural heritage.
- Nashville: Home to the country music industry and a vibrant economy.
- Knoxville, Chattanooga, and Clarksville are also significant urban areas within the state.
Home Values and Reverse Mortgage Opportunities
As of January 2024, the average home value in Tennessee is $310,132, well within the federal reverse mortgage lending limit of $1,209,750 for Home Equity Conversion Mortgages (HECM). This means most homeowners in Tennessee are eligible to tap into their home’s equity through a reverse mortgage. For higher-valued properties, jumbo reverse mortgage programs offer additional borrowing power.
Tennessee Reverse Mortgage Counseling Agencies
| Name | Agency ID | Address | Phone | Web Site |
|---|---|---|---|---|
| AAA RESIDENTIAL RESOURCES, INC. | 81524 | 604 GALLATIN AVE STE 103 NASHVILLE, TN 37206-3475 | (615) 650-9779 | http://604 Gallatin Ave Suite 103 |
| CCCS OF ROCHESTER-CHATTANOOGA | 90681 | SUITE C-26 5600 BRAINERD RD CHATTANOOGA, TN 37411-5310 | (423) 490-5620 | N/A |
| TENNESSEE HOUSING DEVELOPMENT AGENCY - DIRECT COUNSELING | 90555 | 502 DEADERICK ST NASHVILLE, TN 37243-0200 | (615) 815-2100 | http://www.thda.org |
