{"data":{"id":"us-tn/tenn.-code-ann.-47-30-108","jurisdiction":"us-tn","citation":"Tenn. Code Ann. § 47-30-108","heading":"Amount owed by borrower when loan is due - Enforcement of debt","body":"(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.\n(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.\n(1) The fair market value of the house, minus sale costs; or\n(2) The outstanding balance of the loan, whichever amount is less.\nwhichever amount is less.\n(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.\n(1) The outstanding balance of the loan; or\n(2) The percentage of the fair market value, minus sale costs, as provided in the contract; whichever amount is less.\nwhichever amount is less.\n(c) The lender shall enforce the debt only through the sale of the property and shall not obtain a deficiency judgment against the borrower.","path":["TN Code","Title 47","Chapter 30"],"source_url":"https://oss-data-us.vaquill.ai/v2026.08/us_tn_statutes.parquet","current_through":"2026-08-14","vintage":"open-us-law v2026.08, retrieved 2026-09-14","retrieved_at":"2026-09-14T18:32:26Z","sha256":"3416f6bfc1a62b37d625a398d76e66cf8a9ecb8f27fa78f194cc016078cb27d5","source_id":"us-tn","stale":false,"prev":"us-tn/tenn.-code-ann.-47-30-107","next":"us-tn/tenn.-code-ann.-47-30-109"},"notice":"GroundRules: Original legal text. Not legal advice."}