Despite the short ten year history of reverse mortgages in Texas, the Lone Star State has become the third-largest reverse mortgage market in the nation reports My San Antonio.
Originations have reached beyond a total of $3.3 billion and 36,000 borrowers and accounts for almost 8 percent of the national market says the Texas Mortgage Bankers Association.
According to the article, Texas seniors have borrowed more than $1.5 billion in the last two years and there is plenty of room additional growth. Texas owner-occupied houses total 5.46 million, and 1.38 million of them are owned by Texans 62 and older.
This summer, the Texas Department of Savings & Mortgage Lending said the agency has not had a single enforcement action from consumer complaints about reverse mortgages during the past five years. Yet, Texas remains behind the curve when it comes to reverse-mortgage options. Seniors in the 49 other states have the newest option from lenders — home equity for purchase.
