TN HB2382

Renames Tennessee's "Home Equity Conversion Mortgage Act" to the "Tennessee Reverse Mortgage Innovation Act" and updates terminology throughout state code from "home equity conversion" to "reverse mortgage"

Authorizes proprietary (non-FHA-insured) reverse mortgage loans in Tennessee and removes requirements that loans comply with Fannie Mae guidelines or HUD regulations for fees and other provisions

Expands approved lender categories to include entities approved by the Department of Financial Institutions, in addition to existing authorized lenders like banks, savings institutions, and credit unions

Requires all borrowers to receive independent counseling before closing and prohibits cross-selling practices that condition reverse mortgage approval on purchasing annuities, insurance policies, or other financial products

Establishes reverse mortgages as non-recourse loans where lender recovery is limited to proceeds from sale or transfer of the secured property, and takes effect immediately upon becoming law