Change In Texas Law May Make Reverse Mortgages More Popular - part 1
by Charles Essmeier
Texas was one of the last states to allow homeowners to take out home equity loans. Laws going back to the nineteenth century strictly prohibited home equity lending, as legislators feared that unscrupulous lenders would take advantage of homeowners for the purpose of seizing their homes through foreclosure. This made it impossible for citizens of the Lone Star State to use their equity for home improvements, debt consolidation or paying medical bills, as homeowners in other states may do.
In 1997, the Texas constitution was amended to allow homeowners to borrow against their home equity. The amendment allowed for traditional term loans, lines of credit, and reverse mortgages, but did not allow a line of credit on a reverse mortgage.
Read the end of
Change In Texas Law May Make Reverse Mortgages More Popular
Related Reverse Mortgage Articles: Article Title The Advantages Of Reverse Mortgages Reverse Mortgages And Government Benefits Using A Reverse Mortgage Creatively Consider Different Reverse Mortgage Options |
Related Reverse Mortgage Questions: Other resources for Reverse Mortgage Reverse Mortgage? Reverse Mortgage? Reverse Mortgage.?? Reverse Mortgage? Reverse mortgage? |
Back from Reverse Mortgage Articles
to California Mortgage Articles Directory