In the ongoing legislative process to approve the reverse mortgage for purchase in Texas, the state’s government came one step closer today in its senate’s approval of the loan type.
Texas, the last state to offer the Home Equity Conversion Mortgage for Purchase, will need approval by the state’s senate and house of representatives before going to the public for a vote.
“This was a critical step in the very long process to be placed on the November 5th ballot,” said Scott Norman, of Sente Mortgage, who has been working on the initiative for more than four years.
Senate Joint Resolution 18, the reverse mortgage for purchase legislation, has received support both from industry groups as well as consumer groups including the Texas Association of Realtors, Texas Mortgage Bankers Association, Texas Bankers Association, Texas Association of Builders and Independent Bankers Association of Texas.
Written by Elizabeth Ecker