Official Campaign Kickoff of Texans for Proposition 5

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Texans To Vote on New Reverse Mortgage Option and Expanding Consumer Disclosures

Texans for Proposition 5

Because of Texas’ highly protective homestead laws and constitutional standards, reverse mortgages are one of the most consumer friendly mortgage loans in the country. Supporting Proposition 5 will be a vote to strengthen those protections.

Texans for Proposition 5 is pleased to announce that their official campaign kickoff will be held on Tuesday, September 10th at 9:00 AM in Austin's historic Driskill Hotel. Mortgage bankers, key regulators, and business executives from across the state will gather to celebrate and organize for 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 in Texas, and requires new written consumer disclosures be given to seniors at least 12 days before the closing of any reverse mortgage loan.

The legislature, with the support of consumer groups, including AARP, placed Proposition 5 on the ballot after approving Senate Joint Resolution (SJR) 18 by a combined vote of 170-1. SJR 18 was authored by Senator John Carona and sponsored by Representative Mike Villarreal.

“Because of Texas’ highly protective homestead laws and constitutional standards, reverse mortgages are one of the most consumer friendly mortgage loans in the country. Supporting Proposition 5 will be a vote to strengthen those protections,” said Scott Norman, President of Texans for Proposition 5.

For more information about this event and Proposition 5, please contact Scott Norman at 512-423-4545 or scott(dot)norman(at)sentemortgage(dot)com

Twitter: @texansforprop5
Facebook: texansforprop5

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