Texas may be in the throes of reverse mortgage change with legislation pending that could introduce the final Home Equity Conversion Mortgage product to the state: the HECM for Purchase, which will go to a vote by the public in this coming November election.
Yet as Texas has been the last state to introduce the full array of reverse mortgage products, it reports no enforcement actions for the standard and saver products it has offered under the HECM program over the last six years.
According to an open records request submitted to the state by Scott Norman of Sente Mortgage, a search of the state’s database shows no enforcement actions and no open complaints regarding reverse mortgages in Texas.
“In addition, when we had legislative hearings this year, not one group testified against reverse mortgages,” says Norman, who has participated in the legislative efforts toward approving the HECM for purchase in the state.
Lenders and industry participants will gather in Texas on September 10 for the 12th annual Reverse Mortgage Day in Austin presented by the Texas Mortgage Bankers Association. The event agenda includes the HECM for Purchase legislation and the November 5th election as well as Financial Assessment, FHA Policy Changes, Legislation in Congress and Secondary Market updates.
Written by Elizabeth Ecker