The state of Texas is currently making efforts to amend its constitution
in order to accommodate reverse mortgage programs for its senior citizens.
Texas, traditionally known for being slow at adopting reverse mortgage
programs, is now closer to changing its constitution to allow reverse mortgage
programs be available for citizens in the state.
Senator John Carona has already filed a bill in the State Senate that
functions to authorize the establishment of home equity conversion mortgage in
all of Texas. Due to the homestead laws in its constitution, it was amended in
1999, 2003 and 2005 to allow reverse mortgage lending.
According to Scott Norman of the Sentence Mortgage, reverse mortgage is
a vital issue for senior housing in Texas. Norman explained that in the next
two to three decades, senior housing will be of utmost importance in Texas.
The Senate Joint Resolution 18 is yet to go through legislative approval
before going forward. This process may actually take 10 months, give or take,
before public vocation can happen sometime around November this year.
Reverse mortgage is a hot issue in the housing industry today. Recent
news of foreclosure of homes and tragic evictions of home owners that are heirs
or survivors of the borrower has given it a bad reputation. These reverse
mortgage horrors are reason enough for future applicants of the program to think
thoroughly and consider all aspects of the home equity conversion mortgage
program.
In order to be safe and to avoid such horrors, it is best to consult
with a legal counsel when applying for the program. Legal counsels who have
reliable experience in taking care of home settlement should be considered in
the first step of applying for any mortgage arrangements.
Reverse mortgage is indeed a very beneficial program for seniors who are
in their retirement. There are potential setbacks that may prove to be
disastrous if the conditions of the program are not fully understood.
There are several legal firms that offer counseling with home
settlement, and ensure that the client will be able to enjoy the advantages of
the settlement without having to worry of potential setbacks. The clients will
also be informed of their full rights in the case of a settlement.
