The Texas House of Representatives has two weeks to pass legislation that would allow registered voters to decide on November 5 whether the state constitution should be amended to allow Reverse Mortgage for Purchase loans. Industry Awaiting Action on Texas H4P Resolution Yes, perhaps it could, but I’m looking towards February or even March before applications can be taken.” “That said, I do not expect the Reverse Mortgage for Purchase to be literally available in Texas in January. As there are certain time-lines that can't be started until Proposition 5 is the law of the land, do not presume anything will be immediate,” said Norman. “We will still be in a “holding pattern” until HUD can formalize their loan documents, etc. Norman indicated in a separate email that it may take several weeks, possibly a few months, before the H4P can be offered.
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To pass, Prop 5 needed approval by 51 percent (50% plus 1) of voters, but the final tally was 62 percent.ĭuring the NRMLA Business Meeting, NRMLA President & CEO Peter Bell presented an award to Scott Norman, Vice President at Sente Mortgage, for his efforts to get Proposition 5 passed. Proposition 5 passed by a wide margin this week, paving the way for HECM for Purchase to be offered in Texas. Prop 5 Passes in Texas, But Implementation May Take Longer There is no obligation for you to apply, borrow, or take loans from the site.From All Reverse Mortgage Company(October 22nd 2012 Purchase Reverse Mortgages in Texas Are Coming Soon. The website doesn't advertise any lender and doesn't make you choose any performed company. The only service this platform provides is to compare different lenders ' offers, and it is not responsible for the services provided by parties. No financial decisions are made by the website. The lenders or other broker services we introduce to our customers through this website may pay us commissions if customers enter into a credit agreement with them.ĭisclaimer: This platform does not offer or insist on borrowing money. NOT A LENDER Disclosure: WeLoans is not a lender but a broker and does not charge you any fees for our broker services. Rules of this website are subject to change without notifications. Please check the local regulations to find out its availability in the area.
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