Written by Scott Norman, as originally published in The Reverse Review.

Since the days of the Republic of Texas, the Texas Constitution prohibited the forced sale of homesteads except for nonpayment of mortgage, property taxes, home improvement loans, or for property settlements in certain divorce and probate proceedings.

After 154 years, the voters of Texas finally approved reverse mortgage lending in 1999. Since then, nearly 55,000 senior homeowners have obtained and benefited from a reverse mortgage. After 14 short years, Texas now ranks second in the United States in total reverse mortgages originated.

More importantly, according to the Texas Department of Savings and Mortgage Lending, the commissioner has not issued one disciplinary action based on complaints against a licensed reverse mortgage lender in the last six years. While it may come as a surprise to some outside the financial industry, reverse mortgages in Texas are arguably the most regulated and consumer-friendly mortgage loan in the entire country.

Today, the reverse mortgage industry is looking to strengthen those protections and amend the Texas Constitution to allow senior homeowners the ability to purchase a home with a reverse mortgage. Texas is also the only state in the nation that does not authorize such a financial transaction, which is known as a reverse mortgage for Purchase.

The reverse mortgage for Purchase is an FHA-insured loan that will provide many of the state’s senior homeowners the ability to maintain and enhance the quality of their lives with a new home purchase. Already authorized by the Texas Legislature by a combined vote of 170-1, the bill, if approved by Texas voters this November, will allow senior homeowners age

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62 or older to use a reverse mortgage for Purchase to downsize into a smaller residence. Unlike a traditional mortgage, there are no credit or income requirements and participants never make a mortgage payment as long as they continue to live in the home. Simply looking at the state’s aging demographic shows that we must act now to help provide liquidity and safety to the burgeoning senior housing market. Texas is already the second-largest state in the country with a population of 26 million, and projections indicate the population will be 36.4 million by 2030. That is the equivalent population of another Dallas, Houston, Austin and San Antonio combined.

Texas’ overall population, like the nation’s, is growing older. With more than 700 Texas baby boomers entering retirement every day, the size of the senior demographic is ballooning and will continue to do so until 2020, when there will be more than 3.5 million seniors in the state. As they retire, baby boomers will put a disproportionate demand on government programs for the state. What does the future hold for the housing industry as Texas’ population changes over the next quarter century? One thing is certain: The ability to purchase appropriate senior housing with a reverse mortgage will be a boost to the real estate industry and to the senior homeowners who may be purchasing a new wave of senior-friendly homes. Residential real estate firms and homebuilders, for the foreseeable future, will undoubtedly be working with an increasingly more mature population. The aging of the overall population will certainly impact the housing industry in Texas and significantly increase the demand for senior housing.

Now, with the bipartisan approval of the Texas Legislature earlier this year, Texas once again has the opportunity to champion the cause of protecting senior homeowners. The prospects are positive and the options are real. When November 5 arrives, I urge all Texans to vote for Proposition 5.

Perhaps soon, Texas’ seniors will have the same financial options as the rest of the country.