How Texas Real Estate Won On Election Night

Dated: November 6 2013

Views: 2393

All nine proposed amendments to the Texas constitution passed in the Nov. 5 election, including Propositions 5 and 6. Here's how these two wins are good for Texas and for the real estate industry:

More consumer-protection for reverse mortgage-borrowers

Proposition 5 will enable senior-age Texans to use a reverse mortgage to purchase a home. Currently, borrowers must buy a home with a conventional mortgage and then obtain a reverse mortgage separately. The measure also adds important disclosure requirements. Visit TexansForProp5.com to learn more.

Protection for the state's future water supplies

Proposition 6 will create two constitutionally dedicated accounts to implement local water projects over the next 50 years. The funds would be seeded by $2 billion from the state's Rainy Day Fund. This approach gives local entities access to the lowest-possible cost for must-build projects without raising taxes. WaterTexas.com has more information.

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