The state of Texas was decidedly late to the Home Equity Conversion Mortgage game, but at least by one metric, the patience and deliberation appears to have paid off.
The Lone Star State’s Department of Savings & Mortgage Lending found no enforcement actions against reverse mortgage originators in the state over the last 10 years, according to a public records request filed by Scott Norman, vice president of national field retail and government relations at Finance of America Reverse.
“As it relates to our unblemished safety record, this is critical information that every planner, banker, and influencer needs to know about,” Norman said. “All of the protections in Texas are built into the constitution. That’s very, very unique.”