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Three years earlier, she had taken out a reverse mortgage, which allows homeowners over 62 years old to convert equity into cash. After the flood, her house was worth less than the. federal agency.
In November’s general election, Texas citizens decided to change the state constitution to allow for all federal housing administration reverse mortgage products under state rule in Proposition 5. This legislation will allow the state constitution to be amended to allow for qualified applicants to use a reverse mortgage to purchase a home.
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