Reverse mortgage Lenders in Texas

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Prop 5 Passes in Texas, But Implementation May Take Longer

Proposition 5 passed by a wide margin this week, paving the way for HECM for Purchase to be offered in Texas. To pass, Prop 5 needed approval by 51 percent (50% plus 1) of voters, but the final tally was 62 percent.

During the NRMLA Business Meeting, NRMLA President & CEO Peter Bell presented an award to Scott Norman, Vice President at Sente Mortgage, for his efforts to get Proposition 5 passed.

Norman indicated in a separate email that it may take several weeks, possibly a few months, before the H4P can be offered.

“We will still be in a “holding pattern” until HUD can formalize their loan documents, etc. As there are certain time-lines that can’t be started until Proposition 5 is the law of the land, do not presume anything will be immediate, ” said Norman. “That said, I do not expect the Reverse Mortgage for Purchase to be literally available in Texas in January. Yes, perhaps it could, but I’m looking towards February or even March before applications can be taken.”

Industry Awaiting Action on Texas H4P Resolution

The Texas House of Representatives has two weeks to pass legislation that would allow registered voters to decide on November 5 whether the state constitution should be amended to allow Reverse Mortgage for Purchase loans.

The legislature adjourns on May 27th, but House rules require that Senate Joint Resolution 18 must be read, considered and passed by May 22, according to Scott Norman, Vice President at Sente Mortgage, who has led the effort to get the legislation passed.

To be adopted, constitutional amendments (SJRs) must clear a higher hurdle of support than ordinary statutory laws:

  1. Support of the House – SJR 18 must receive the support of two-thirds of all members elected to the Texas House of Representatives.
  2. Ratification – If SJR 18 receives the necessary two-thirds support in the House, it would then need to receive the support of a simple majority of Texas citizens voting in a popular election on November 5th for it to become law.

The Home Equity Conversion Mortgage for Purchase (or “Heck-um Purchase” for short) is a loan that offers just that, under the Federal Housing Administration’s government-insured reverse mortgage program.

If you live in one of 49 states or Washington, D.C., the loan is currently available to you. If you live in Texas, however, you may still have to wait for the state government to approve it under state law.

Why Texas is Different

Because of longstanding homestead laws in Texas, it has been essentially behind on a number of different housing initiatives over the years. It was the last state to allow for reverse mortgages in general, through a law passed in 1999. Because of laws that were made to protect home ownership in Texas, mortgages are treated differently from the way they are treated in other states.


Fraud in 3-D - National Mortgage News

2007-11-14 07:13:54 by Apprsr

By Ann Fulmer
Forget the rose-colored glasses. To see what’s coming in the next year, you’re going to need those 3-D glasses they used to hand out at sci-fi movies.
As we all know, the real estate bubble has burst. Thousands of families have lost their homes and millions more may be at risk. And as bad as it is right now, most surveys predict that the worst is yet to come. A disaster is unfolding before our eyes.
As David Ignatius said in a recent Washington Post article, “Bubbles must be lived forward, even if they can be understood only in reverse

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Inman News: Realtors Need to Know About Reverse Mortgages  — Reverse Mortgage Daily
That's the message behind an Inman News column this week speaking to Realtors about the use of reverse mortgages by retirees to purchase new homes through the Home Equity Conversion Mortgage for Purchase program.

New Texas Reverse Mortgage Disclosures Take Effect  — Reverse Mortgage Daily
Under a constitutional amendment in Texas that allows for the reverse mortgage purchase loan within the state's law, lenders also will have to adhere to a new set of disclosures that are now in effect in Texas.

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Wiley Reverse Mortgages and Linked Securities: The Complete Guide to Risk, Pricing, and Regulation (Wiley Finance)
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Related posts:

  • Avatar Melinda H Where can I find a Reverse Mortgage lender in Texas?
    Aug 03, 2006 by Melinda H | Posted in Other - Business & Finance

    I have a home in San Antonio, TX on which I have quiet a bit of equity. I would like to get a HECM Reverse Mortgage and need a lender that specializes in Reverse Mortgages in Texas.

    • Hi, you can go to and visit that website to find a Reverse Mortgage lender in San Antonio or Texas.