Tennessee · Snapshot open-us-law v2026.08, retrieved 2026-09-14

Tenn. Code Ann. § 47-30-108: Amount owed by borrower when loan is due - Enforcement of debt

(a) When a reverse mortgage loan, other than a Fannie Mae Reverse Mortgage Loan, becomes due, if the borrower mortgaged one hundred percent (100%) of the full value of the house, then the amount owed by the borrower shall not be greater than: (1) The fair market value of the house, minus sale costs; or (2) The outstanding balance of the loan, whichever amount is less. (b) If the borrower mortgaged less than one hundred percent (100%) of the full value of the house, the amount owed by the borrower shall not be greater than: (1) The outstanding balance of the loan; or (2) The percentage of the fair market value, minus sale costs, as provided in the contract; whichever amount is less. (c) The lender shall enforce the debt only through the sale of the property and shall not obtain a deficiency judgment against the borrower. Acts 1993, ch. 410, §9; 1997 , ch. 286, § 7.
(a) When a reverse mortgage loan, other than a Fannie Mae Reverse Mortgage Loan, becomes due, if the borrower mortgaged one hundred percent (100%) of the full value of the house, then the amount owed by the borrower shall not be greater than: (1) The fair market value of the house, minus sale costs; or (2) The outstanding balance of the loan, whichever amount is less.
(1) The fair market value of the house, minus sale costs; or
(2) The outstanding balance of the loan, whichever amount is less.
whichever amount is less.
(b) If the borrower mortgaged less than one hundred percent (100%) of the full value of the house, the amount owed by the borrower shall not be greater than: (1) The outstanding balance of the loan; or (2) The percentage of the fair market value, minus sale costs, as provided in the contract; whichever amount is less.
(1) The outstanding balance of the loan; or
(2) The percentage of the fair market value, minus sale costs, as provided in the contract; whichever amount is less.
whichever amount is less.
(c) The lender shall enforce the debt only through the sale of the property and shall not obtain a deficiency judgment against the borrower.

Where this section sits in the code

TN Code
Title 47
Chapter 30

(1) The fair market value of the house, minus sale costs; or

(2) The outstanding balance of the loan, whichever amount is less.

whichever amount is less.

(b) If the borrower mortgaged less than one hundred percent (100%) of the full value of the house, the amount owed by the borrower shall not be greater than: (1) The outstanding balance of the loan; or (2) The percentage of the fair market value, minus sale costs, as provided in the contract; whichever amount is less.

(1) The outstanding balance of the loan; or

(2) The percentage of the fair market value, minus sale costs, as provided in the contract; whichever amount is less.

whichever amount is less.

(c) The lender shall enforce the debt only through the sale of the property and shall not obtain a deficiency judgment against the borrower.

Collected 2026-09-14T18:32:26Z. Source file · JSON

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