Texas Reverse Mortgage Agreements Act, Proposition 7 (2005)

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3 (1-43)3 (44-49)3 (50-67)
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Texas Proposition 7, also known as the Reverse Mortgage Agreements Act, was on the November 8, 2005 election ballot in Texas as a legislatively-referred constitutional amendment, where it was approved.

SJR 7 authorized new options for reverse mortgage agreements for senior homeowners allowing them to draw advances at unscheduled intervals, if and when needed, and only in the amounts needed, during the loan term.

Election results

Proposition 7
ResultVotesPercentage
Approveda Yes 1,201,740 59.74%
No809,83940.25%

Text of measure

The short ballot summary voters saw on their ballot read: "The constitutional amendment authorizing line-of-credit advances under a reverse mortgage."[1]

Path to the ballot

See also: Laws governing direct democracy in Texas

As laid out in Article 17 of the Texas Constitution, in order for a proposed constitutional amendment to be placed on the ballot, the Texas State Legislature must propose the amendment in a joint resolution of both the Texas State Senate and the Texas House of Representatives. The joint resolution can originate in either the House or the Senate. The resolution must be adopted by a vote of at least two-thirds of the membership of each house of the legislature. That amounts to a minimum of 100 votes in the House of Representatives and 21 votes in the Senate.

See also

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