Beware of Predatory Lenders

Older Americans have often built up one solid form of financial security -- equity in their homes. But they are often living on fixed incomes and unexpected expenses come up, such as costly home repairs, property taxes and medical care.

This makes older homeowners a target for predatory lenders, who market home equity loans using deceptive and intimidating tactics that include high fees, hidden payments, and other difficult terms that could lead to the loss of property through foreclosure.

Here are some of the steps you can take to avoid being the victim of a predatory lender:

Take Action. If you or someone you know has been victimized, inform the appropriate regulatory and law enforcement agencies, such as the state Attorney General's Office and the local police department.

Eighty percent of Americans age 65 and older own their homes. About 68 percent have paid off their mortgages. The median value of homes owned by older persons is $150,000 (according to the latest statistics available).

- Source: Administration on Aging

We Help You Get to Your Next Level™

Get in touch today and find out how we can help you meet your objectives.

Call Us