Massachusetts S833 aims to protect equity in real estate transactions by regulating shared appreciation mortgages.

Massachusetts S833 establishes rules for shared appreciation mortgages, ensuring entities offering these mortgages provide full disclosure and third-party counseling to buyers. The bill mandates written notice to buyers about the terms of the shared appreciation mortgage, including the conditions under which payments are due. It also requires buyers to complete counseling with a HUD-certified agency. The bill exempts entities from liability if they comply with these disclosure and counseling requirements.

Massachusetts S833 aims to protect equity in real estate transactions by regulating shared appreciation mortgages.

Massachusetts S833 establishes rules for shared appreciation mortgages, ensuring entities offering these mortgages provide full disclosure and third-party counseling to buyers. The bill mandates written notice to buyers about the terms of the shared appreciation mortgage, including the conditions under which payments are due. It also requires buyers to complete counseling with a HUD-certified agency. The bill exempts entities from liability if they comply with these disclosure and counseling requirements.