Navigation Links
Texas House Approves Reverse Mortgage Legislation
Date:5/20/2013

Austin, Texas (PRWEB) May 20, 2013

The Texas House of Representatives has approved legislation that would strengthen reverse mortgage lending in Texas.

On Thursday, with the support of consumer groups, the House approved Senate Joint Resolution (SJR) 18 by a 139-1 vote. The legislation now goes to the voters of Texas on November 5th for approval before it can become law. The Texas Senate approved this legislation in March by a vote of 31-0.

SJR 18 would amend the Texas Constitution to authorize the “Reverse Mortgage for Purchase” program in Texas and would enhance consumer disclosure requirements for all reverse mortgage loans in Texas.

Currently, Texas is the only state that does not allow the reverse mortgage for purchase program for homeowners. If passed in this fall’s election, this legislation will open up additional financing options for Texas homeowners, age 62 and over, who are downsizing or relocating to be closer to children or medical care or for any other reason. These seniors will be able to conserve cash assets, while being assured that Texas’ uniquely protective homestead laws and strict compliance standards in our constitution will preserve their home investment.

“This was a critical piece of legislation for homeowners in Texas,” says Scott Norman of Sente Reverse Mortgage and a member of the National Reverse Mortgage Lenders Association Board of Directors. “Today’s vote by the House was clearly supportive of reverse mortgage lending and the goal to provide enhanced consumer disclosures for all borrowers,” said Norman.

Since 2001, over $5 billion has been accessed by homeowners in Texas using a reverse mortgage. Texas now has a national market share of 8% of all reverse mortgages made in the country, making the Lone Star State the second-largest market for this retirement product.

For more information about reverse mortgages in Texas, go to http://www.sentereversemortgage.com

Sente Mortgage NMLS #132111

Read the full story at http://www.prweb.com/releases/2013/5/prweb10743832.htm.


'/>"/>
Source: PRWeb
Copyright©2012 Vocus, Inc.
All rights reserved

Related medicine news :

1. More than one-third of Texas women still receive unnecessary breast biopsy surgery
2. Texas Health Insurance and California Health Insurance Quotes Now Available Online by Ace Health
3. Viewpoints TV Announces May Air Dates for the Dallas-Ft. Worth, Texas Area
4. Best 2013 Texas Home Security System Companies Graded by 6Webs.com
5. Texas teen appears in new video from the International Essential Tremor Foundation
6. Texas-Based Window Company Raising Money for Children's Hospital
7. Texas Woman Alleges Actos Caused her Bladder Cancer, Parker Waichman LLP Files Lawsuit on Victim’s Behalf
8. Texas Veterinary Cancer Registry Expands Nationally
9. North Texas Coaches Announce May 3rd Rick Carson Workshop and Luncheon
10. Skechers Injury Lawsuit Filed on Behalf of a Texas Woman Who Sustained a Number of Serious Injuries Allegedly Due to Design of Skechers Shape-Ups, By Wright & Schulte
11. First Choice Emergency Room Hosts Event in Cypress, Texas to Celebrate the Local Community
Post Your Comments:
*Name:
*Comment:
*Email:
(Date:6/25/2016)... ... ... Conventional wisdom preaches the benefits of moderation, whether it’s a matter of indulgence ... high can result in disappointment, perhaps even self-loathing. However, those who set the bar ... from PsychTests.com reveals that behind the tendency to set low expectations is ...
(Date:6/24/2016)... ... ... Those who have experienced traumatic events may suffer from a complex set of ... or alcohol abuse, as a coping mechanism. To avoid this pain and suffering, Serenity ... event. , Trauma sufferers tend to feel a range of emotions, from depression, guilt, ...
(Date:6/24/2016)... PASADENA, CA (PRWEB) , ... June 24, 2016 , ... Marcy was in a crisis. ... he would lash out at his family verbally and physically. , “When something upset him, ... table, he would use it. He would throw rocks at my other children and say ...
(Date:6/24/2016)... ... June 24, 2016 , ... Global law firm Greenberg ... Legal Elite. The attorneys chosen by their peers for this recognition are considered among ... Greenberg Traurig Shareholders received special honors as members of this year’s Legal Elite Hall ...
(Date:6/24/2016)... ... June 24, 2016 , ... Comfort Keepers® of San ... Society and the Road To Recovery® program to drive cancer patients to and from ... adults to ensure the highest quality of life and ongoing independence. Getting to ...
Breaking Medicine News(10 mins):
(Date:6/23/2016)... DUBLIN , June 23, 2016 ... "Global MEMS Devices Medical Market Analysis 2016 - Forecast to ... The report contains up to date financial ... reliable analysis. Assessment of major trends with potential impact on ... dive analysis of market segmentation which comprises of sub markets, ...
(Date:6/23/2016)... and INDIANAPOLIS , June 23, ... a Lilly Diabetes Tomorrow,s Leaders Scholarship is any indication, ... winners, announced today online at www.diabetesscholars.org by ... 1 diabetes stand in the way of academic and ... the Foundation,s scholarship program since 2012, and continues to ...
(Date:6/23/2016)... 23, 2016 Research and Markets ... Volumes: Global Analysis (United States, China, Japan, Brazil, United ... to their offering. ... healthcare business planners, provides surgical procedure volume data in ... with an in-depth analysis of growth drivers and inhibitors, ...
Breaking Medicine Technology: