(a) At the closing of the reverse mortgage loan, the lender shall provide to the borrower the name of the lender’s employee or agent who has been designated specifically to respond to inquiries concerning reverse mortgage loans. This information shall be provided by the lender to the borrower at least annually, and whenever the information concerning the designated employee or agent changes.

Terms Used In Tennessee Code 47-30-110

  • Borrower: means a natural person who occupies and owns in fee simple individually, or with another borrower as tenants by the entireties or as joint tenants with right of survivorship, an interest in residential real property securing a reverse mortgage loan, and who borrows money under a reverse mortgage loan. See Tennessee Code 47-30-102
  • lender: means :
    (A) A bank, savings and loan association, savings bank, savings institution, or credit union chartered under the laws of the United States or of Tennessee. See Tennessee Code 47-30-102
  • Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
  • Outstanding balance: means the current net amount of money owed by the borrower to the lender, calculated in accordance with §. See Tennessee Code 47-30-102
  • Property: includes both personal and real property. See Tennessee Code 1-3-105
  • Reverse mortgage: means a mortgage or deed of trust securing a home equity conversion loan or reverse mortgage loan. See Tennessee Code 47-30-102
  • Year: means a calendar year, unless otherwise expressed. See Tennessee Code 1-3-105
(b) On an annual basis and when the loan becomes due, the lender shall issue to the borrower, without charge, a statement of account regarding the activity of the mortgage for the preceding calendar year, or for the period since the last statement of account was provided. The statement shall include all of the following information for the preceding year:

(1) The outstanding balance of the loan at the beginning of the statement period;
(2) Disbursements to the borrower;
(3) The total amount of interest added to the outstanding balance of the loan;
(4) Any property taxes, hazard insurance premiums, mortgage insurance premiums, or assessments paid by the lender;
(5) Payments made to the lender;
(6) The total mortgage balance owed to date; and
(7) The remaining amount available to the borrower in reverse mortgage loans wherein proceeds have been reserved to be disbursed in one (1) or more lump sum amounts.
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