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Measure Details

Reverse Mortgage Loan Amendment

Texas Ballot Measure - Proposition 5

Election: Nov. 5, 2013 (General)
Outcome: Passed

Categories:
Civil Liberties and Civil Rights
Government Operations
Housing and Property

Yes
683,402
(62.61%)

No
408,197
(37.39%)

Summary

SJR 18 would amend the definition of “reverse mortgage” to authorize the making of reverse mortgage loans for the purchase of homestead property in addition to the current legal uses of those loans, and would give lenders recourse against borrowers who fail to timely occupy the homestead properties purchased with such loans. SJR 18 would also add to the definition of “reverse mortgage” an extension of credit that is not closed before the 12th day after the lender provides to the prospective borrower a written notice summarizing risks and conditions of a reverse mortgage. The language of the required notice is prescribed in the resolution.

The proposed amendment will appear on the ballot as follows: “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.”

Measure Text

Proposing a constitutional amendment to authorize the making of a reverse mortgage loan for the purchase of homestead property and to amend certain requirements in connection with a reverse mortgage loan.

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