87R1830 SRA-D     By: Miles S.B. No. 362       A BILL TO BE ENTITLED   AN ACT   relating to the satisfaction of a reverse mortgage loan after the   death of the last surviving borrower.          BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:          SECTION 1.  Subtitle B, Title 4, Finance Code, is amended by   adding Chapter 343A to read as follows:   CHAPTER 343A. REVERSE MORTGAGE LOANS          Sec. 343A.001.  DEFINITION. In this chapter, "immediate   family member" means a person who is within the first degree of   consanguinity or affinity, as determined under Chapter 573,   Government Code.          Sec. 343A.002.  SATISFACTION OF REVERSE MORTGAGE LOAN AFTER   DEATH OF LAST SURVIVING BORROWER. (a) This section applies only to   an heir who is an immediate family member of a borrower.          (b)  After the death of the last surviving borrower of a   reverse mortgage loan secured by the borrower's residence, the   lender shall allow an heir who inherits the residence not less than   six months after the date of the death of the borrower to satisfy   the loan before beginning the foreclosure process on the residence.          SECTION 2.  To the extent of a conflict between Chapter 343A,   Finance Code, as added by this Act, and a provision of a reverse   mortgage loan agreement entered into before the effective date of   this Act, the provision of the reverse mortgage loan agreement   prevails.          SECTION 3.  This Act takes effect September 1, 2021.