Under Texas law, a reverse mortgage made pursuant to Section 50(k) of the Texas Constitution must comply with which of the following requirements?
Correct Answer
B) The borrower must be at least 62 years old and the loan must be secured by the borrower's homestead
Section 50(k) of the Texas Constitution requires that reverse mortgage borrowers be at least 62 years old and that the loan be secured by the borrower's homestead. There is no minimum credit score or equity requirement specified in the constitutional provision.
Why This Is the Correct Answer
Section 50(k) of the Texas Constitution requires that reverse mortgage borrowers be at least 62 years old and that the loan be secured by the borrower's homestead. There is no minimum credit score or equity requirement specified in the constitutional provision.
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