A Texas homeowner wants to obtain a home equity loan. Under the Texas Constitution Article XVI §50(a)(6), which of the following closing requirements is unique to Texas?
Correct Answer
B) The loan must be closed only at the office of the lender, an attorney at law, or a title company
Under Texas Constitution Article XVI §50(a)(6)(N), a home equity loan on the homestead must be closed only at the office of the lender, an attorney at law, or a title company. This closing location restriction is unique to Texas and is designed to protect borrowers from high-pressure closing situations at their home or other informal locations.
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Previous Question
A Texas homeowner dies, leaving a surviving spouse and two minor children. The homestead property has a remaining mortgage balance. Under Texas law, what happens to the surviving family's homestead rights?
Next Question
Under the Texas Constitution, a homestead may be subject to forced sale for certain specific types of debts. Which of the following debts can NOT result in forced sale of a Texas homestead?