The Texas Legislature was clearly supportive of reverse mortgage lending and the goal to provide enhanced consumer disclosures for all borrowers.
Austin, TX (PRWEB) August 07, 2013
Tune in this Sunday to the only reverse mortgage radio show in Texas. This week, show host Scott Norman will discuss Proposition 5 and the November 5th statewide election.
Proposition 5 calls for an amendment to the Texas Constitution to authorize a new “Reverse Mortgage for Purchase” loan program, including the nationally popular Home Equity Conversion Mortgage that is insured by FHA, and additionally to require new written consumer disclosures be given seniors at least 12 days before closing of any reverse mortgage loan in Texas.
The Texas Legislature, with the support of consumer groups, including the Texas Mortgage Bankers Association, placed Proposition 5 on the ballot after approving Senate Joint Resolution 18 by a combined vote of 170-1.
“This was a critical piece of legislation for homeowners in Texas. The Legislature was clearly supportive of reverse mortgage lending and the goal to provide enhanced consumer disclosures for all borrowers,” said Norman.
The Sente Reverse Mortgage Radio Show was designed to help educate homeowners about reverse mortgage lending. Listen in each week as Scott Norman discusses important information about this retirement option that will help you and your family make an informed decision about home equity and if a reverse mortgage is a good option.
About Sente Mortgage:
Sente Mortgage is an Austin, Texas owned and operated mortgage bank, offering the widest variety of residential loan programs including conventional, Reverse, FHA, VA, USDA, and jumbo. This past September, Inc. magazine ranked Sente Mortgage No. 1437 on its annual Inc. 500|5000, their exclusive ranking of the nation’s fastest-growing private companies. Sente Mortgage NMLS ID #132111.
Scott Norman is currently the VP of Sente Mortgage’s Reverse Mortgage Division in Austin, Texas. His NMLS number is 543237.