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Reverse Mortgage Day in Texas: Celebrating the 10th anniversary of reverse mortgages in Texas

Dishfalk
Jul 28, 2009

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 and discuss the policies that will affect reverse mortgage lending. In addition, this event will celebrate two milestones: The 10th anniversary of Reverse Mortgages in Texas and, as of last week, the recording of the 30,000th reverse mortgage in Texas. 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 Texan’s are forced to cope with today’s economic climate, 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. About the Texas Mortgage Bankers Association: Founded in 1917, mortgage lenders and settlement service providers have turned to the TMBA for our leadership in legislative and industry education. We promote fair and ethical lending practices and foster professional excellence among real estate finance employees through a wide range of programs. Today, as the second largest state association, our members fund over $35 billion annually and our purpose is still to serve the mutual interests of our members and advance mortgage banking in the state. For more information about the TMBA, visit www.texasmba.org. Scott Norman can be reached at (512) 423-4545.