The proposition would require that upon becoming governor permanently, the lieutenant governor would forfeit his or her office. The lieutenant governor vacancy would be filled by election within 30 days, of a member of the Senate. In addition, the new lieutenant governor would carry out the duties of a senator, and would serve until the next general election. Proposition 2 adjusts the reverse mortgages law that was passed two years ago. Some lenders say that current law is too restrictive, so these types of mortgages are not being utilized in Texas.
Reverse mortgages are a type of home equity loan.
The proposition would raise the age of eligibility to 62 from 55 and change some of the ways people can receive pay outs, or advancements, once they have signed such a mortgage. Proposition 3 eliminates obsolete portions of the Texas Constitution. Because the document has been amended 377 times since its adoption in 1876, it contains provisions that are obsolete or duplicative. In some instances provisions have been made obsolete by federal court decisions or enactments. In other cases provisions refer to programs that no longer exist.