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Austin Head Says Reverse Loans May Become Possible After October

AUSTIN-Relief may come in October to bring reverse annuity mortgages to the Lone Star state. The city-based Financial Freedom Senior funding Corp. says the lending, approved last year by state voters, will become reality when the FHA receives a new fiscal appropriation.

By Connie Gore | Updated on September 15, 2000

AUSTIN-Relief may come in October to bring reverse annuity mortgages to the Lone Star state.”We are still waiting for the government’s attorneys to finalize the legal documents necessary to originate reverse mortgages in Texas,” says W. Scott Norman, Texas director of Financial Freedom Senior Funding Corp. in Austin.RAMs exist in every state except Texas, where voters last year approved a state constitutional amendment to allow reverse mortgages. Now, the FHA has depleted its insurance fund, meaning the loans can’t be granted because they can’t be guaranteed. However, Norman says relief will come in October when the FHA receives its new fiscal appropriation.

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