Reverse Mortgage Loan Blog

Celebrating the 10th Anniversary of Reverse Mortgages in Texas

AUSTIN, TX — What does the future of the reverse mortgage industry look like? On Thursday, August 6th, mortgage lenders, key regulators, and business executives from all over the country will gather at Austin’s Driskill Hotel to celebrate the 10th anniversary of Reverse Mortgages in Texas and discuss the policies that will affect reverse mortgage lending.

This day-long event is the largest of its kind in the United States. Designed as a think tank, this seminar will give bankers, mortgage insurers, and secondary market executives an opportunity to receive up to date developments in the reverse mortgage sector.

“As more Texans are forced to cope with the rising cost of health care, reverse mortgages continue to take on a greater significance,” said Scott Norman, Vice President of the Texas Mortgage Bankers Association.

Ten years ago, the Texas Legislature approved Senate Joint Resolution 12 to authorize Reverse Mortgage lending in Texas. Since then, Texas has become the third largest reverse mortgage lending state in the country with over $2 billion funded to Texas homeowners. In addition, according to research by Reverse Market Insight, Texas is showing the best potential, among all states, for unit volume growth over the next five years.

Currently, Texas has over 1.5 million residential homes where the “head of household” is age 62 or over. Using statewide numbers, we estimate that approximately 150,000 senior homeowners currently living in Texas may be interested in a reverse mortgage between now and 2014.

“The overwhelming growth we’re seeing reinforces our belief that reverse mortgages remain a safe and viable option for Texas seniors as they evaluate their retirement plans,” added Norman.

Source: Texasmba.org

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