Important: Listings are compiled from publicly available sources and have not been independently verified by BeforeMortgageUSA.com. We do not endorse any broker or guarantee outcomes. Verify licensing and disciplinary status with the Tennessee before hiring.
Showing 2 reverse mortgage specialists in Atoka, TN
Listings are displayed in no particular order and are not ranked by BeforeMortgageUSA. Order does not constitute a recommendation or endorsement of any broker.
American Mortgage Services Inc.
171 Wesley-Reed Dr, Atoka, TN 38004
9018401400
Leaders Credit Union- Mortgage Services
10992 US-51 Ste 100, Atoka, TN 38004
7316641784
What Does a Reverse Mortgage Specialist in Atoka Cost?
Typical costs for a reverse mortgage in Tennessee include an origination fee of up to $6,000, a mortgage insurance premium of 2% of the home value, and third-party fees such as appraisal ($400 to $600) and title search ($500 to $800). Closing costs generally range from $2,000 to $5,000 depending on the loan amount and lender. Borrowers may also pay a monthly servicing fee of around $30 to $35. This is general information and not mortgage or financial advice.
* Cost estimates are general ranges based on publicly available data and compiled using automated research tools. Actual fees vary by agent and case complexity. This is not mortgage or financial advice — consult directly with an agent for fee specifics.
Frequently Asked Questions
Who qualifies for a reverse mortgage in Atoka Tennessee?
You must be at least 62 years old and own your home outright or have a low mortgage balance. The home must be your primary residence and meet HUD property standards. Tennessee does not have additional state-level age requirements beyond the federal minimum.
Are reverse mortgage proceeds taxable in Tennessee?
No, reverse mortgage proceeds are not considered income by the IRS or the state of Tennessee. They are treated as a loan advance and do not affect Social Security or Medicare benefits. However, they may impact Medicaid eligibility if funds are not spent in the same month.
What happens to the reverse mortgage when the borrower dies in Tennessee?
The loan becomes due when the last borrower dies or permanently moves out. Heirs have 30 days to decide to repay the loan or sell the home. Tennessee law gives heirs the right to purchase the home for 95% of its appraised value if they choose to keep it.