Texas Constitution

In the state of Texas there is an upcoming trend of offering proposal regarding the amendments of few of the laws of Texas constitution. The proposal that has been made regarding the constitutional amendment authorizing line-of-credit is al about the advances under a reverse mortgage. There are many controversies following this proposal. There are many communities that are advancing for the purpose in support of the proposal; however there is a continuation of oppositions regarding the application of this proposal in the amendment procedure. The proposed amendment has been forwarded with the motive to amend Section 50, Article XVI, Texas Constitution. This is the proposal that functions in accordance to the scopes by providing that a reverse mortgage may be in the form of a line of credit. It is also about the preferences led allowing repayment of a line-of-credit reverse mortgage and subsequent advance of amounts repaid. According to a local correspondent, David Disiere, the proposal is concentrating over the process of preferring for the repayment of a line-of-credit reverse mortgage. It is for the provision of the advances made on a reverse mortgage that may not be possibly obtained by credit card. At the same the accessibility is also denied by any kind of debit card, preprinted solicitation check, or similar device, prohibiting transaction fees. All these rejections are directly in connection with a reverse mortgage debit or advance. This is the debit that gets made after the time the extension of credit is established prolifically. It is into the act of prohibiting unilateral amendment of a reverse mortgage extension of credit by the creditor