In 2024, there were 50 active reverse mortgage loans in Monroe County, Tennessee. The average home value in Monroe County is $282,936.02.

Click here to get a reverse Mortgage Quote in Monroe County, Tennessee

To avoid scams, make sure you are working with a licensed lender in Tennessee. South River Mortgage is a fully licensed lender in Tennessee. The TN state regulator requires mortgage lenders to be explicitly approved to make loans and hold a license. South River Mortgage proudly holds the Mortgage License in TN, and our state license identifier is 1854525.  We also maintain active approval with HUD/FHA.

Reverse Mortgage Loans in Monroe County

Monroe County, located in the state of Tennessee, is home to a population of approximately 47,257 residents. Known for its picturesque landscapes and outdoor recreational opportunities, the county offers a tranquil setting for residents to enjoy. Monroe County boasts a rich history, with notable landmarks such as the Tellico Blockhouse and the Sequoyah Birthplace Museum showcasing its cultural heritage. With an average home value of $282,936.02 and an average property tax of $1,219.30, Monroe County offers affordable living for its residents. Seniors in the area may find reverse mortgages to be a valuable financial option, allowing them to tap into their home equity and supplement their retirement income. With the average interest rate at 4.20%, homeowners in Monroe County can explore the benefits of a reverse mortgage to support their financial needs in their later years.

Reverse Mortgage Loan Origination in Monroe County

Reverse Mortgage Home Values in Monroe County

Reverse Mortgage Interest Rates Monroe County

There are approximately 50 active reverse mortgage loans in Monroe County. The average interest rate in Monroe County is 7.45% for reverse mortgages. The average maximum claim amount (the lesser of the appraisal or lending limit), among reverse mortgage borrowers, in Monroe County was $235,000.00 in 2024.

Click here to get a Reverse Mortgage Quote in Monroe County, Tennessee »

Note that our loan origination data will not exactly match FHA’s HECM portfolio snapshot. This discrepancy occurs because FHA’s reports are limited to loans endorsed by FHA (i.e. HECMs only). We use a series of custom data criteria that make it possible to identify all reverse mortgages: HECMs, proprietary, and even single-purpose reverse mortgages.

Jumbo Reverse Mortgage in Monroe County, TN

With the average home value of $235,000.00, you may be wondering about the opportunities for jumbo loans.

The FHA has increased the HECM lending limit to $1,209,750 for 2025. If your property is valued above the HECM lending limit, you may be eligible for additional proceeds through the HomeForLife jumbo reverse mortgage.

Reverse Mortgage Refinance (HECM to HECM) in Monroe County

It might make sense to refinance your reverse mortgage. There are many situations where refinancing could be very beneficial to you:

• You want to get more cash out because your home value has increased substantially
• You want to pay less in interest by obtaining a lower interest rate
• You want to add a loved one to the reverse mortgage

As a bonus, South River Mortgage can sometimes provide multiple benefits at once, depending on the situation. There have been cases where we can help secure a lower interest rate and additional cash. In some cases, we have been able to do all three benefits: lower rate, more cash, and adding a son or daughter onto the mortgage.

South River Mortgage can help you refinance your reverse mortgage. Get a quote today »

Reverse for Purchase (HECM for Purchase) in Monroe County

You can now purchase a home with a reverse mortgage in {county}, TN. The reverse for purchase lets homebuyers purchase the home and get a reverse mortgage in a single transaction. The requirements for a reverse for purchase are very similar to the traditional reverse mortgage program.

Purchasing a home with a reverse mortgage has many benefits:

• No monthly mortgage payment (although you’d still be responsible for property taxes and homeowner’s insurance)
• The home being purchased would meet HUD’s property requirements or minimum property standards (this helps keep the home safe for occupants)

Learn what your down payment would be using our Reverse for Purchase calculator. Or, get pre-approved today »