When a borrower's obligation to repay the reverse mortgage loan is triggered under § 47-30-112, in addition to all rights conferred upon owners and borrowers under title 35, chapter 5, the lender must give the borrower not less than sixty (60) days' notice of its intent to initiate foreclosure proceedings. If the contract so provides, interest will continue to accrue during the sixty-day period.
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