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Summary: According to the Investment and Financial Services Committee Report, “A reverse mortgage allows certain homeowners aged 62 or older to use a home equity conversion mortgage insured by the Federal Housing Administration to finance the acquisition of a new home.” The report also notes that current law allows homeowners to use traditional home equity conversion mortgages to access equity accumulated in their homes, but that Texas’ Constitution does not expressly authorize reverse mortgages for purchase. SJR 18 would amend Texas’ Constitution to authorize the use of reverse mortgages for the purchase of a homestead property.
SJR 18 will give Texans access to another way of financing the purchase of homestead property by authorizing the use of reverse mortgages. This gives Texans over the age of 62 more flexibility and liberty to acquire property, promoting their individual liberty and property rights. We support SJR 18.