Reverse Mortgage Texas
March 24, 2006
Special Report From Reverse Mortgage Texas®
Lines Of Credit are now available to Texas homeowners as an option for a reverse mortgage. This change gives Texas senior homeowners benefits that have been available in other states for some time.
Texas voters approved a Constitutional Amendment making these mortgages available November 8. However it was not until March 17 that the coordination between state and federal agencies was complete.
The home equity line of credit permits homeowners to take a portion
of the reverse mortgage loan amount they are entitled to rather than
the previous "full amount" requirement. The line of credit option has been the most popular in other states and there is no reason to expect it to be different in Texas. One
advantage of taking less than the full loan amount is there will be
less to repay when the reverse mortgage loan is paid off.
The line of credit option is available on all three federal
reverse mortgages, currently offered in Texas.
Reverse Mortgages for homeowners with high value homes will became
more attractive with the availability of proprietary line of credit
loans, often referred to as “jumbo loans” that were also made available
to Texas home owners in March.. The federal government does not back these new loan options. Previously in Texas, the amount of equity available from the federal reverse mortgages has not been attractive to owners of high value homes.
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special report may be linked to other web sites or reproduced all or in
part. Please attribute to Reverse Mortgage Texas® @ www rmtx.net
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