Regulates shared appreciation mortgage loans in Massachusetts, detailing borrower disclosures and protections.

The bill regulates shared appreciation mortgage loans in Massachusetts, requiring entities to provide borrowers with detailed disclosures. These include an itemization of appreciation value, the due date for shared appreciation payments, and the payment method. The bill mandates that shared appreciation mortgages cannot include penalties for early repayment, restrict borrower rights, or require confidentiality agreements. Borrowers must receive a questionnaire about home retention options and be referred to a HUD-certified housing counselor if they wish to stay in their home.

Regulates shared appreciation mortgage loans in Massachusetts, detailing borrower disclosures and protections.

The bill regulates shared appreciation mortgage loans in Massachusetts, requiring entities to provide borrowers with detailed disclosures. These include an itemization of appreciation value, the due date for shared appreciation payments, and the payment method. The bill mandates that shared appreciation mortgages cannot include penalties for early repayment, restrict borrower rights, or require confidentiality agreements. Borrowers must receive a questionnaire about home retention options and be referred to a HUD-certified housing counselor if they wish to stay in their home.