83rd Texas Legislature, Regular Session, Senate Joint Resolution 18 Page: 4 of 8
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S.J.R. No. 18
1 written notice on a separate instrument, which the lender or
2 originator and the borrower must sign for the notice to take effect:
3 "IMPORTANT NOTICE TO BORROWERS
4 RELATED TO YOUR REVERSE MORTGAGE
5 "UNDER THE TEXAS TAX CODE, CERTAIN ELDERLY PERSONS MAY DEFER THE
6 COLLECTION OF PROPERTY TAXES ON THEIR RESIDENCE HOMESTEAD. BY
7 RECEIVING THIS REVERSE MORTGAGE YOU MAY BE REQUIRED TO FORGO ANY
8 PREVIOUSLY APPROVED DEFERRAL OF PROPERTY TAX COLLECTION AND YOU MAY
9 BE REQUIRED TO PAY PROPERTY TAXES ON AN ANNUAL BASIS ON THIS
10 PROPERTY.
11 "THE LENDER MAY FORECLOSE THE REVERSE MORTGAGE AND YOU MAY LOSE
12 YOUR HOME IF:
13 "(A) YOU DO NOT PAY THE TAXES OR OTHER ASSESSMENTS ON THE
14 HOME EVEN IF YOU ARE ELIGIBLE TO DEFER PAYMENT OF PROPERTY TAXES;
15 "(B) YOU DO NOT MAINTAIN AND PAY FOR PROPERTY INSURANCE ON
16 THE HOME AS REQUIRED BY THE LOAN DOCUMENTS;
17 "(C) YOU FAIL TO MAINTAIN THE HOME IN A STATE OF GOOD
18 CONDITION AND REPAIR;
19 "(D) YOU CEASE OCCUPYING THE HOME FOR A PERIOD LONGER THAN
20 12 CONSECUTIVE MONTHS WITHOUT THE PRIOR WRITTEN APPROVAL FROM THE
21 LENDER OR, IF THE EXTENSION OF CREDIT IS USED FOR THE PURCHASE OF
22 THE HOME, YOU FAIL TO TIMELY OCCUPY THE HOME AS YOUR PRINCIPAL
23 RESIDENCE WITHIN A PERIOD OF TIME AFTER THE EXTENSION OF CREDIT IS
24 MADE THAT IS STIPULATED IN THE WRITTEN AGREEMENT CREATING THE LIEN
25 ON THE HOME;
26 "(E) YOU SELL THE HOME OR OTHERWISE TRANSFER THE HOME27 WITHOUT PAYING OFF THE LOAN;
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Texas. Legislature. Senate. 83rd Texas Legislature, Regular Session, Senate Joint Resolution 18, legislative document, May 21, 2013; [Austin, Texas]. (https://texashistory.unt.edu/ark:/67531/metapth438004/m1/4/: accessed May 6, 2024), University of North Texas Libraries, The Portal to Texas History, https://texashistory.unt.edu; crediting UNT Libraries Government Documents Department.