Reverse mortgages are already legal in Texas. The proposed amendment just modifies existing law.
Thanks for the link. The article, IMO, is somewhat misleading and still doesn’t go into the pitfalls that could be encountered. The amendment does allow some light to finally shine on the issue and provides a reason to bring the potential pitfalls of reverse mortgages up for discussion which really didn’t happen at the time of the original legislation.
I still contend that the entire program - legal of not - is very much one of “buyer beware”. Anything that is backed by HUD, FHA, bankers and real estate companies makes me see red flags which have Agenda 21 written all over them. In the interest of caution and to protect the assets of our citizens who may not be aware of the ramifications and long term financial impact of choosing this option, I do urge that they seek professional advice and certainly from someone other than Fred Thompson and his recommendation on TV.