Compare Tennessee's Best Reverse Mortgages

Tennessee Reverse Mortgage Lenders

All Reverse Mortgage® is headquartered in California and provides lending services around the country. All Reverse began in November 2007 and as the name implies, the only loan product that All Reverse Mortgage® originates is the residential reverse mortgage loan.

We offer reverse mortgages to Tennessee homeowners and our staff has a combined lending experience exceeding 100 years with national mortgage banking experience on both coasts and points between. Due to this varied direct experience, All Reverse Mortgage® is well positioned to be able to assist borrowers with all specific needs associated with the reverse mortgage program.

HUD Approved Direct Lender

All Reverse Mortgage® is approved with the Department of Housing and Urban Development (HUD) to originate, underwrite and close the HUD Home Equity Conversion Mortgage (HECM, or "Heck-um"). The HECM is HUD's acronym for their reverse mortgage loan.

All Reverse Mortgage® originates in Tennessee and closes both refinance loans, where borrowers already own their home and are looking to either pay off their existing loan and have no more monthly mortgage payment, utilize their equity for other purposes if they have no existing loan, or possibly a combination of both

About All Reverse Mortgage®

The owners and management of All Reverse were part of the team that wrote and sold the first fixed rate jumbo reverse mortgage in 2008 and as such, have extensive experience in jumbo or proprietary loan programs as well. We are always looking for new products to offer to borrowers of high valued homes in the higher home priced markets that the HUD HECM may just not serve as well. Jumbo or proprietary programs typically offer lower Principal Limits as they relate to home values, though, so not all borrowers are best served with the jumbo programs available.

A seasoned originator can readily inform borrowers which program will best suit their needs and the positives and negatives of each so that the borrower can make an informed decision. It is no longer uncommon anywhere in the country for a market to be a solid HUD HECM market and then within just a short distance for a niche jumbo market to be located where there is a need for a jumbo program.

Therefore, homeowners aged 62 and above in all markets have seen that the reverse mortgage can be a very solid financial tool and many are now seeking the reverse mortgage to augment their retirement plans and not so much the mortgage of last resort. Everything from the elimination of existing mortgage payments to the line of credit that grows make reverse mortgage borrowers understand that this program allows them to utilize their homes to not only live comfortably in their family home, but to plan for the future as well.

Tennessee Lending Limits

As part of the Southeastern United States, Tennessee is the 16th most populous state in the country and is the 36th largest by geography. There were estimated to be 6,651,194 residents in the state in 2016 and approximately 614,445 of them were homeowners 62 and older.

Tennessee was given the nickname of “The Volunteer State” early in its history. Some say it was claimed during the War of 1812 because there were many volunteer soldiers from the state in the war, but others believe the name refers to the volunteers from the Mexican-American War. At the beginning of the Mexican-American War, President Polk called 2,600 volunteers from around the country and 30,000 people from Tennessee alone came forward.

Aside from some areas of the state located in the Appalachian Mountains, the climate in Tennessee is humid subtropical, appealing to many “snowbird” retirees. It also does not have state income tax, which is another selling point for people moving into the state.

The highest elevation point in the state is Clingmans Dome, which is 6,643 feet and is on Tennessee’s eastern border on the Appalachian Trail. The point is also the highest peak in the United States east of the Mississippi River.

The largest cities in Tennessee based on population are Memphis, Nashville, Knoxville, Chattanooga and Clarksville.

Right now, the home values in Tennessee average $139,700 and have seen an increase of 7.6% in the last year. There is another 3.3% increase in home values expected for next year. The home prices are not much higher than the values, with the average home priced at $180,000, which is well below the maximum reverse mortgage lending limit of $636,150.

If you reside in Tennessee, All Reverse Mortgage® is here to answer your questions. Access our free calculator to estimate your reverse mortgage lending limit or call us Toll Free (800) 565-1722