March 2001


	4 S E N I O R S O R A N G E C O U N T Y . C O M

	Welcome

Silver Edition...
News & Issues for the Mature Market

Barbara Delgleize
Seniors Real Estate Specialist

March 2001

REAL ESTATE MATTERS
March 2001

Silver Edition... News & Issues for the Mature Market.

IS YOUR HOME SMART COLLATERAL?

Using your home as collateral for a loan is a risky undertaking because if you become unable to make the loan payments for whatever reason, the lender can collect your home instead. This risk is one reason why the federal Home Ownership and Equity Protection Act (HOEPA) mandates certain protections for consumers who obtain a high-cost loan, as defined by law. These protections are as follows:

	The lender must make certain required disclosures at least three business days before the loan transaction closes.
	It’s illegal for the lender to disperse loan proceeds directly to a home improvement contractor.
	A high-cost loan cannot have a balloon payment or a big final payment that’s due sooner than five years.

Be sure to consult a trusted attorney, financial advisor or other qualified person before you obtain a loan secured by your home. If you ever have second thoughts about a loan transaction, contact an attorney immediately. Acting quickly may preserve a right to cancel the loan.

Of course your comments are welcomed.


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As a SRES® Realtor I am here to assist you as a valuable resource for answers to specific planning questions and solutions to problems you may face.

My exclusive Senior Advantage Real Estate Discount Program can assist you in reviewing the options available to you when you decide to sell a piece of property and in saving you literally thousands of your hard-earned dollars at sale.

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