The ability to pass down a home is key to building generational wealth. For most U.S. homeowners, their home is their primary asset. Although there are a range of legal options to transfer assets when a person dies, many homeowners do not have access to legal resources to evaluate all of these options. Transfer on…
This Issue Brief discusses the top ten reasons why efforts to shut immigrants out of bank accounts and access to credit is a bad idea, including:
Resources for advocates include free NCLC articles, links to relevant NCLC treatise material, pleadings and discovery, case documents and opinions.
Read More about Digital Library: Home Equity "Investment" (HEI) Loans Practice Suite
States, counties, and local governments can help protect immigrants, their families, and communities from financial exploitation and other consumer abuses.
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Heirs property owners are at an elevated risk of losing their home to property tax foreclosure. These owners of inherited homes are disproportionately likely to be older adults living and people of color. Targeted policy solutions can make a significant difference in reducing the rate of property tax foreclosure on heirs property, preventing housing instability…
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S.1071 / H.1983: An Act relative to unlawful practices in the servicing and foreclosure of a subordinate mortgage provides a crucial lifeline for these homeowners. This legislation targets the predatory practices of zombie second mortgage investors and protects homeowners from unfair and deceptive tactics. It brings transparency and accountability to a system that has allowed…
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Disasters can create devastating housing and financial insecurity for working families. Owners of inherited family homes have a greater need and reduced access to vital disaster assistance funds. Inherited homes are more likely to be older and in physically inadequate conditions, increasing the likelihood that they will suffer damage in a disaster. Nearly one-third of…
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To protect homeowners, states can classify HEI loans as mortgages subject to consumer protections, require caps on the maximum repayment amount, and mandate counseling for borrowers.
Read More about What States Can Do to Protect Homeowners from Home Equity "Investment" Loans
An inheritance is an important family legacy that can provide a safety net for future generations. For working families struggling to keep up with rising living costs, the transfer of a family home or other inheritance can provide newfound economic security. In particular, the anticipated wealth transfer from the Baby Boomer generation to their heirs…
This is a Fact Sheet in opposition to MA S.705 & H.1106: An Act relative to home investments. This is an industry bill that is being run across the country that defines shared appreciation agreements as not being residential mortgage loans, thus exempting them from federal and state mortgage lending rules and protections.
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Medicaid plays a crucial role in ensuring that millions of working-class, aging, and disabled individuals can receive necessary long-term services and supports (LTSS) in their own homes and communities. Federal policy, however, forces state Medicaid programs to pursue recovery of LTSS costs accrued at age 55 and older from the estates of deceased beneficiaries, often…
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Remember the subprime mortgage crisis of the early 2000s? One toxic product that contributed to the crisis was the “80-20 mortgage,” where homeowners took out a first and second mortgage simultaneously. When the housing bubble burst, these second mortgages, often held by investors, became worthless. Many homeowners, understandably, believed these second mortgages were dead and…
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