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COPYRIGHT 2005 The Dallas Morning News
Byline: Pamela Yip
Oct. 31--TEXANS MAY USE CREDIT LIKE OTHER REVERSE DEALS: Since 2001, Texans have been able to take out reverse mortgages on their homes, allowing seniors especially to tap the home equity they've built up over the years.
If voters pass Proposition 7 on the Nov. 8 ballot, the Texas Constitution would be further amended to authorize a line of credit for such loans.
When talk first arose that Texans would be asked to consider this, I wrote a column expressing concerns that some consumers may dig a deep financial hole for themselves if they don't fully understand the ins and outs of using a line of credit.
I still feel that way, but if the experience so far with reverse mortgages in Texas holds true, the state's seniors should exhibit the same type of financial prudence with the line of credit.
Reverse mortgages are enormously popular in...
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