Homeowners have noted for some time that property taxes have risen precipitously, and this has the potential to heavily impact people living on a fixed income. But certain tax deferral options available to seniors and veterans should be employed if necessary, according to a Tennessee county official who spoke with a local radio station in Rutherford County.
Rutherford County trustee Teb Batey encouraged area seniors already seeking information on 2025 property tax payments to take advantage of the county’s tax freeze program.
“That’s for individuals 65 years of age and older, and the income limit for the applicant, their spouse and all owners of the property [is] $60,000,” he told radio station WGNS. “Which is a significant jump. It had been right at $48,000 last year, but the commission approved to update that to $60,000.”
Interestingly, Batey noted that he and his office have observed a higher level of interest in reverse mortgages from seniors in the area. While not taking a position as a product advocate, Batey noted that the loans could be an option for older residents on a fixed income who seek support for their expenses.
“They can be beneficial — I’m not necessarily an advocate — but sometimes those can be helpful, as well, to give folks some cash flow,” Batey said. ”Because their largest asset may well be their home with these escalating prices. They’ve got a lot of equity, and so they’re able to tap into that to help with living expenses.”
HousingWire’s Reverse Mortgage Daily (RMD) reached out to Batey and did not receive an immediate reply. But Tennessee reverse mortgage professional Loren Riddick of Worthington Mortgage Group, who maintains the Certified Reverse Mortgage Professional (CRMP) designation from the National Reverse Mortgage Lenders Association (NRMLA), was pleased to hear about the observation.
“I want to commend Mr. Batey for having the foresight and understanding that this is a wonderful program, and it is definitely a resource,” Riddick said when reached by RMD. “And that situation is not unlike countless others from coast to coast. Working in this arena, you see all kinds of different markets, and the common denominator is that once a senior is in that stage of life, it remains and continues to be an opportunity.”
Riddick is a reverse mortgage industry advocate, and he said he is encouraged by a county official describing the potential of the product in providing options for Tennessee’s contingent of older residents.
“As Tennessee’s resident CRMP, I am so excited that Mr. Batey is using his platform to let people know about this program,” Riddick said. “I applaud him, and also challenge other leaders in other markets to follow his lead.”
