(a) A parent or managing conservator shall apply to the court under oath for the authority to encumber the residence homestead as provided by this subchapter.
(b) The application must contain:
(1) the minor's name and address;
(2) a legal description of the property constituting the homestead;
(3) a description of the minor's ownership interest in the property constituting the homestead;
(4) the fair market value of the property constituting the homestead;
(5) the amount of the home equity loan;
(6) the purpose or purposes for which the home equity loan is being sought;
(7) a detailed description of the proposed expenditure of the loan proceeds to be received by the parent or managing conservator on the minor's behalf; and
(8) a statement that all loan proceeds received by the parent or managing conservator on the minor's behalf through a home equity loan authorized under this subchapter shall be used in a manner that is for the minor's benefit.
(c) Venue for the application is the same as venue for an application for the appointment of a guardian for a minor.