This section is designed to provide sources for the background under which reverse mortgages are permitted in Texas. We provide resources for professionals needing more detailed information. This includes mortgage banking, banking, credit union, financial planning, estate planning, insurance, real estate, tax and legal professionals.
- Constitutional Amendment, 2005
- Constitutional Amendment, 2003
- Constitutional Amendment, 1999
- The Supreme Court of Texas
- Title Insurance
Constitutional Amendment, 2005
Senate Joint Resolution (SJR) 7
Enrolled: 5/11/2005 E Filed with the Secretary of State
http://www.capitol.state.tx.us/tlo/79r/billtext/SJ00007H.HTM
The November 8, 2005 Election.
Abstract
Legislative & Judicial Background concerning Reverse Mortgages in Texas which enabled Texans to vote November 8, 2005 on an amendment to the Texas Constitution regarding reverse mortgages.Proposition 7
"The constitutional amendment authorizing line-of-credit advances under a reverse mortgage."Passed 60% to 40%
By voter approval on November 8, 2005, Section 50(p), Article XVI, of the Texas Constitution to allow a line of credit to be used with a reverse mortgage.Constitutional Amendment, 2003
House Joint Resolution (HJR) 23
Enrolled: 5/27/2003 E Filed with the Secretary of State
http://www.capitol.state.tx.us/
The September Election, 2003
Abstract
Legislative & Judicial Background concerning Reverse Mortgages in Texas which enabled Texans to vote September 13, 2003 on an amendment to the Texas Constitution regarding reverse mortgages.
Proposition 6
"Permits refinancing of a home equity with a reverse mortgage"
Passed by 70.9% to 29.1%
By voter approval on September 13, 2003, Section 50(f), Article XVI of the Texas Constitution was amended to change and clarify the requirements regarding reverse mortgages described by Subsection (a)(6) or (a) (7) of this section. Of note, information on home equity loans can be found under section 50(a)(6), Article XVI of the Texas Constitution.
Constitutional Amendment, 1999
Senate Joint Resolution (SJR) 12
Enrolled: 06/01/99
http://www.capitol.state.tx.us/
The November Election, 1999
Abstract
Legislative & Judicial Background concerning Reverse Mortgages in Texas which enabled Texans to vote November 2, 1999 on an amendment to the Texas Constitution regarding reverse mortgages.
Proposition 2
"Making of advances under a reverse mortgage"
Passed by 65% to 35%
By voter approval on November 2, 1999, Section 50(a), Article XVI of the Texas Constitution was amended to change and clarify the requirements regarding reverse mortgages - 50(a)(7). Of note, information on home equity loans can be found under section 50(a)(6), Article XVI of the Texas Constitution.
The Supreme Court of Texas
Reverse Mortgage Foreclosure
Texas Rules of Civil Procedure
http://www.capitol.state.tx.us/
http://www.supreme.courts.state.tx.us/rules/TRCP/revmtg.htm
Effective April 15, 2000, the Supreme Court of Texas amended rules 735 and 736 of the Texas Rules of Civil Procedure. These rules were recommended by a task force appointed by the Court to advise it regarding the promulgation of such rules, see Misc. order No. 99-9233, dated December 1, 1999, with modifications recommended by the Supreme Court Rules Advisory Committee.
Title Insurance
Property & Casualty Program, Title Division
Procedural Rule P-45 and the Texas Reverse Mortgage Endorsement (T-43)
http://www.tdi.state.tx.us/
Effective June 5, 2000, section 9.1 of the Basic Manual was adopted with one change to the proposed text as published in the April 7,2000 issue of the TEXAS REGISTER (25 TexReg 2911) and with changes to the proposed amendments to the Basic Manual which the section adopts by reference: