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.
Tenn. Code Ann. § 47-30-113
Notice of foreclosure — Continuation of interest
Known as the Home Equity Conversion Mortgage Act
The act spans §§ 47-30-101 to 47-30-118 (18 sections).
Acts 1993, ch. 410, § 14.
Current official text: Tennessee Code (LexisNexis). Digitized from the UniCourt Code Improvement Commission public-domain capture. Reproduced from public-domain Tennessee statutes; confirm against the official source for the current text. Not legal advice.