On May 22, the Texas legislature adopted a joint resolution, SJR 18, to propose an amendment to the Texas Constitution to allow a reverse mortgage for the purchase of a homestead property. Under the amendment, a borrower would need to (i) occupy the homestead property as a principal residence within a specified time after the reverse mortgage closing and (ii) complete financial counseling before the reverse mortgage closing. The amendment would require a lender to provide to a prospective borrower a detailed disclosure of conduct that could lead to foreclosure, including among other things, the failure to pay property taxes. The proposed amendment will be decided by the voters on November 5, 2013.
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Texas adds reverse mortgage constitutional amendment to November ballots
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