Notwithstanding any other law to the contrary, the parties to a reverse mortgage loan may contract for the payment of interest at a rate which does not exceed the rate permitted for home loans under chapter 15 of this title. Interest shall be deferred until the earliest occurrence of one (1) or more events specified in the reverse mortgage loan contract. Payment of interest on deferred interest shall be as agreed upon by the parties to the contract. The parties may agree that the deferred interest may be added to the outstanding balance of the loan.
Structure 2021 Tennessee Code
Title 47 - Commercial Instruments and Transactions
Chapter 30 - Home Equity Conversion Mortgages
§ 47-30-102. Chapter Definitions
§ 47-30-105. Contract for the Payment of Interest
§ 47-30-106. Contract May Require Borrower to Pay Certain Taxes, Premiums and Assessments
§ 47-30-108. Amount Owed by Borrower When Loan Is Due — Enforcement of Debt
§ 47-30-112. Borrower's Default — Terms and Conditions
§ 47-30-113. Notice of Foreclosure — Continuation of Interest
§ 47-30-117. Legislative Intent — Construction With Other Laws