Austin, TX (PRWEB) October 18, 2013
When early voting begins on Monday, Texans can 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.
Note: There was no opposition in either public hearing.
“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 San Antonio Express News
The Fort Worth Star Telegram
Lufkin Daily News
Nacogdoches Daily Sentinel
The Texas Association of Business
The Texas Land Title Association
The Texas Association of Builders
The Texas Mortgage Bankers Association
“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 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.