AUSTIN, Texas – State Sen. John Carona (R-Dallas) introduced a bill in the Texas Senate that would permit reverse mortgage lines of credit and allow homeowners to draw down on the equity in their homes when needed. Carona's bill – SJR7-was referred to the Senate Business and Commerce Committee. A companion bill – HJR21- sponsored by state Rep. Scott Hochberg (D-Houston) was filed in the state House. To become law, the proposal would require an amendment to the Texas constitution. Home equity lines of credit wasn't allowed in Texas until 2003. In Texas, reverse mortgages are available only to people at least 62 years old.
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