TX Affidavit for Reverse Mortgages 1

REVERSE MORTGAGE AFFIDAVIT

(IF ANY ITEM IS NOT TRUE, THE AFFIANTS SHOULD HANDWRITE

APPROPRIATE CORRECTIONS)

STATE OF TEXAS

Before me, the undersigned authority appeared the Affiants (whether one or more), who being by me duly sworn, on his/her/their oaths stated the following to be true, correct and complete:

1.The Affiants own the title to the Land described in the Title Insurance Commitment issued to the Lender in connection with the Reverse Mortgage, made pursuant to Subsection (a)(7) of Section 50, Article XVI, Texas Constitution.

2.The Affiants' marital status has not changed since the Affiants acquired title to the Land and is correctly reflected by the recitals, if any, as to marital status in the Reverse Mortgage executed by the Affiants. The Affiants have not secured a divorce or married since the Affiants acquired title to the Land.

3.There are no unpaid judgment liens or federal or state tax liens owed by or claimed against the Affiants.

4.There are no unpaid bills for labor, material or services for improvements or repairs to the Land, the Affiants have not entered any outstanding contracts for repairs or improvements to the Land, and the Affiants have not begun any repairs or improvements to the land that have not been finished.

5.There are no mortgages, deeds of trust, liens or other claims or rights to the title to the Land that are not shown on the Title Insurance Commitment.

6.The Affiants do not have a pending Bankruptcy Case or Bankruptcy Plan.

7.There are no unpaid ad valorem taxes, standby fees, or assessments by any taxing authority for prior years relating to the Land.

8.All homeowner's association assessments relating to the Land have been paid through the current year.

9.One or both of the Affiants is over the age of 62 years.

10.Each of the Affiants has received copies of all documents signed by the Affiants.

11.None of the instruments, documents or papers signed by the Affiants contained blanks when signed.

12.All of the Land is the homestead of the Affiants. No part of the Land is not the homestead of Affiants. The Land does not exceed the homestead exemption (ten acres if urban, 200 acres if rural and family, 100 acres if rural and not a part of a family). The land is occupied by all of the Affiants as their primary residence and homestead. The land is not occupied by or rented to any other persons.

13.The Affiants do not have or claim any other property (other than the Land) as homestead and do not claim a homestead tax exemption against other property.

14. The Affiants hereby attest and have attested in writing that the Affiants have received counseling regarding the advisability and availability of reverse mortgages and other financial alternatives.

15.The Affiants have received from the lender at the time the loan secured by the reverse mortgage is made disclosure by written notice of the specific provisions contained in Subdivision (6) of subsection (k) of Section 50, Article XVI, Texas Constitution under which the borrower is required to repay the loan. Subdivision (6) states: "((k) "Reverse mortgage" means an extension of credit:) (6) that requires no payment of principal or interest until: (A) all borrowers have died; (B) the homestead property securing the loan is sold or otherwise transferred; (C) all borrowers cease occupying the homestead property for a period of longer than 12 consecutive months without prior written approval from the lender; or (D) the borrower: (i) defaults on an obligation specified in the loan documents to repair and maintain, pay taxes and assessments on, or insure the homestead property; (ii) commits actual fraud in connection with the loan; or (iii) fails to maintain the priority of the lender's lien on the homestead property, after the lender gives notice to the borrower, by promptly discharging any lien that has priority or may obtain priority over the lender's lien within 10 days after the date the borrower receives the notice, unless the borrower: (a) agrees in writing to the payment of the obligation secured by the lien in a manner acceptable to the lender; (b) contests in good faith the lien by, or defends against enforcement of the lien in, legal proceedings so as to prevent the enforcement of the lien or forfeiture of any part of the homestead property; or (c) secures from the holder of the lien an agreement satisfactory to the lender subordinating the lien to all amounts secured by the lender's lien on the homestead property."

16.Stewart Title Guaranty Company and the Title Insurance Agent, if any, have not provided tax advice to the Affiants.

17.Affiants acknowledge that Lender and Stewart Title Guaranty Company are relying on this written representation by Affiants as to the Land.

________________________________

________________________________ (Print Name) ("Affiants")

[Print Additional Signatures as Necessary]

State of Texas

County of _______

Sworn to and subscribed before me the undersigned authority by _________________________ on this the ______ day of _____ 20 __.

_____________________________ Notary Public in and for the State of Texas