Austin, Texas (PRWEB) October 08, 2013
On November 5th, Texans will go to the polls to decide whether to approve Proposition 5, a constitutional amendment that would require new written consumer disclosures be given to seniors at least 12 days before the closing of a reverse mortgage loan in Texas and would authorize a new Reverse Mortgage for Purchase loan program in Texas.
The Texas legislature, with the support of consumer groups, including AARP, placed Proposition 5 on November’s ballot after approving Senate Joint Resolution (SJR) 18 by a combined vote of 170-1.
“Because of Texas’ highly protective homestead laws and constitutional standards, reverse mortgages are one of the most regulated mortgage loans in the country. Supporting Proposition 5 will be a vote to strengthen those protections,” said Scott Norman of Texans for Proposition 5 in Austin.
Proposition 5 has already been endorsed by numerous consumer and business groups, including the Dallas Morning News, the Texas Association of Realtors, the Texas Association of Business, the Texas Land Title Association and the Texas Association of Builders.
“With 700 Texans entering retirement every day, we need to have a public policy discussion about home equity in the context of retirement planning. The time has come for all Texans to understand the significant economic benefits of a reverse mortgage,” said Mr. Norman.
Proposition 5 will be on the November 5 statewide ballot and titled “The constitutional amendment to authorize the making of a reverse mortgage loan for the purchase of homestead property and to amend lender disclosures and other requirements in connection with a reverse mortgage loan."
For more information about Proposition 5, please contact Scott Norman at 512-423-4545.