In 2024, there were 26 active reverse mortgage loans in Rhea County, Tennessee. The average home value in Rhea County is $355,095.31.

Click here to get a reverse Mortgage Quote in Rhea 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 Rhea County

Rhea County, located in Tennessee, is home to a population of approximately 33,720 residents. Known for its picturesque landscapes and charming small towns, Rhea County offers a mix of rural tranquility and vibrant community life. Historically, the county is renowned for being the site of the famous Scopes Trial in 1925, a landmark case in the debate over evolution and creationism. The average home value in Rhea County is $355,095.31, with property taxes averaging $1,067.23, and an average interest rate of 4.39%. For seniors looking to enhance their retirement finances, exploring options like reverse mortgages can provide a valuable opportunity to tap into home equity and generate additional income to support their financial needs in this serene Tennessee county.

Reverse Mortgage Loan Origination in Rhea County

Reverse Mortgage Home Values in Rhea County

Reverse Mortgage Interest Rates Rhea County

There are approximately 26 active reverse mortgage loans in Rhea County. The average interest rate in Rhea County is 6.91% for reverse mortgages. The average maximum claim amount (the lesser of the appraisal or lending limit), among reverse mortgage borrowers, in Rhea County was $287,500.00 in 2024.

Click here to get a Reverse Mortgage Quote in Rhea 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 Rhea County, TN

With the average home value of $287,500.00, 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 Rhea 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 Rhea 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 »