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NewsReverse Mortgage

Past Two Years, Texans Borrow More Than $1.5 Billion Using Reverse Mortgages

NewImage.jpgDespite the short ten year history of reverse mortgages in Texas, the Lone Star State has become the third-largest reverse mortgage market in the nation reports My San Antonio.

Originations have reached beyond a total of $3.3 billion and 36,000 borrowers and accounts for almost 8 percent of the national market says the Texas Mortgage Bankers Association.

According to the article, Texas seniors have borrowed more than $1.5 billion in the last two years and there is plenty of room additional growth.  Texas owner-occupied houses total 5.46 million, and 1.38 million of them are owned by Texans 62 and older.

This summer, the Texas Department of Savings & Mortgage Lending said the agency has not had a single enforcement action from consumer complaints about reverse mortgages during the past five years.  Yet, Texas remains behind the curve when it comes to reverse-mortgage options. Seniors in the 49 other states have the newest option from lenders — home equity for purchase.

Reverse mortgage loans big in Texas