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Reverse Mortgage Program Gearing Up

HOUSTON-An FHA reverse mortgage program is gearing up statewide, with senior citizens certain to benefit. It has taken more than a year, but the OK's in place and now it's time to educate the public about the rewards.

By Jack Burney | Updated on November 21, 2000

HOUSTON-Houston’s senior homeowners – and the rest of Texas – finally got the nod on reverse mortgages.

Seniors will soon be able to take part in the Federal Housing Authority’s “Reverse Mortgage” program, realizing the intent behind the November 1999 passage of Texas Proposition 2. The US Department of Housing and Urban Development has released revised documents that will let approved lenders start taking applications.

A reverse mortgage allows senior homeowners to borrow against the available equity in their home without the burden of payments until the borrowers no longer reside in the dwelling. The two main funding sources for the program are FHA and Fannie Mae, the privately held corporation chartered by the US government.

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