Tennessee officials have increased the income limit for reverse mortgages from $48,000 to $60,000 for seniors, spurring significant interest in the program among older residents. Batey noted that reverse mortgages can be helpful for seniors on fixed incomes, allowing them to leverage their home equity to cover living expenses. Loren Riddick, a reverse mortgage professional, praised Batey's recognition of the program's potential benefits, emphasizing its relevance for seniors across the country seeking financial support during retirement.
Batey noted that he and his office have observed a higher level of interest in reverse mortgages from seniors in the area.
Batey mentioned that reverse mortgages can provide cash flow for seniors on fixed incomes and help manage living expenses.
Riddick commended Batey's foresight in understanding the benefits of reverse mortgages for seniors.
Riddick highlighted that reverse mortgages remain an opportunity for seniors across various markets.
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