PJ's Reverse Mortgage Blog Info Reverse in TX March 21st, 2009 10:06 AM FYI, here is a "draft" alert NRMLA is sending out next week. Thanks for staying on top of this. NRMLA MEMBER ALERT: HECM for PURCHASE IN TEXAS   We want to alert NRMLA members of legal and technical concerns being raised that will preclude the HECM for purchase product from being offered in Texas. There are technicalities in the Texas Constitution and related homestead law that prevent lending under a HECM for purchase product in the state of Texas.  Given the nature of the Texas legislative process, this will not be an issue that will be resolved in the near future.     We simply want to alert the industry of the issue and assure the industry that NRMLA is addressing this matter from many angles.  Unfortunately the legislative process in Texas will not allow us to address the matter this year (we are constrained by the legislative process).   This alert is not meant to serve as legal advice. We urge members to consult with their own counsel and compliance experts for advice. "Phillis ama" <pkjackson@amaonline.com> Posted by Phillis Jackson on March 21st, 2009 10:06 AMPost a Comment (0) * Name: * Email Address: URL: Comment: Type the characters you see in this picture, click "Submit" when finished.   This helps us prevent automated programs from posting comments and sending spam. * Name: * Email Address: Address: City: State: Zip:   This helps us prevent automated programs from creating bogus contacts and adding them to your contacts database.

Recent Posts: An article of interest. More changes to Reverse Mortgages coming in 2011 HUD cuts 10% from Principal Limit Seniors receive on Reverse Mtg. Title Company MAY NOT insure some Reverses Reverse Mortgages in the future?? FYI here is the Update on Reverse Mortgage for purchase inTexas from NRMLA VP Darryl Hicks Great opportunity! Info Reverse in TX Reverse for purchase in TX FHA protects seniors from unscrupulous lenders Archive: August 2008 Be careful of sales pitches Posted by Phillis Jackson on August 26th, 2008 2:28 PM Make the most of those retirement years! Posted by Phillis Jackson on August 22nd, 2008 4:23 PM LandmarkHousing Legislation passes!! Posted by Phillis Jackson on August 21st, 2008 7:43 PM March 2009 Reverse for purchase in TX??? Posted by Phillis Jackson on March 4th, 2009 6:06 PM February 2009 Retirement portfolios shrinking Posted by Phillis Jackson on February 27th, 2009 4:25 PM HECM for purchase in TX. NO GO! Please speak to legislators! Posted by Phillis Jackson on February 25th, 2009 6:05 PM Loan Limit increase for FHA Posted by Phillis Jackson on February 25th, 2009 11:15 AM Spousal rights in TX. if you die without a will. Posted by Phillis Jackson on February 23rd, 2009 11:36 AM TX Panhandle and Reverse Mortgages Posted by Phillis Jackson on February 19th, 2009 7:33 AM Heirs-choices Posted by Phillis Jackson on February 19th, 2009 7:22 AM Closing cost Posted by Phillis Jackson on February 18th, 2009 7:07 PM Reverse Mortgage for purchase in TX Posted by Phillis Jackson on February 5th, 2009 6:59 AM January 2009 New Years Wish Posted by Phillis Jackson on January 2nd, 2009 4:17 PM December 2008 Use Reverse Mortgages for home purchase. Posted by Phillis Jackson on December 30th, 2008 11:09 AM 2008 Posted by Phillis Jackson on December 30th, 2008 11:06 AM Ginnie Mae's new president talks Posted by Phillis Jackson on December 2nd, 2008 7:42 AM November 2008 HUD Mortgagee Letter $417,000!!! Posted by Phillis Jackson on November 6th, 2008 1:49 PM October 2008 Vote-Vote-Vote!!! Posted by Phillis Jackson on October 31st, 2008 11:56 AM FHA insured HECMs can now be used for purchase!!! Posted by Phillis Jackson on October 31st, 2008 11:54 AM March 2009 (1) February 2009 (8) January 2009 (1) December 2008 (3) November 2008 (1) October 2008 (2) August 2008 (3) My Favorite Blogs: Sites That Link to This Blog:

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