Pop out text

You can also look at the "Magnify" effect which also can be setup to do similar.

hold alt while dragging a duplicate of your clip from v1 to v2

mask the area where you want the selected text to pop out by twirling down opacity and choosing a mask tool,

then drag around the text from the program monitor.

from Effect Controls - Motion - Scale, click on the stopwatch to create a keyframe (put the playhead where you want that to start

on your timeline). go forward on the timeline where you want the text to pop out and scale it up as much as you want.

This will create another keyframe, an ending keyframe. 

right click on the first keyframe and choose ease out from keyframe interpolation

choose ease in for the second keyframe, that will smooth the animation, or you can work with the curve editor

by twirling down the Scale property.