Predatory Lending

The Federal Deposit Insurance Corporation has created a guide on how to recognize and protect yourself from mortgage rescue scams. Please see the attached for more information. 

This brochure was created by Idaho Legal Aid Services, Inc. to  advise seniors on how to protect their home in relation to issues like Medicaid, foreclosure, deed, reverse mortgages, and letting others reside with you.

The National Consumer Law Center has created guides addressing your credit card and debit card protections and legal rights. For more information, please view the attached factsheets.

To equip assisted living and nursing facility staff with the know-how to prevent and spot the warning signs of elder financial abuse, the Consumer Financial Protection Bureau offers a guide to protecting residents from financial exploitation.

Discrimination in mortgage lending is prohibited by the Fair Housing Act.  The Act makes it unlawful to engage in discriminatory practices based on race, color, national origin, religion, sex, familial status or handicap (disability).  Examples of discrimination in lending include:

It’s a task that few of us look forward to: arranging for help to be there if, as senior citizens, we are no longer able to care for ourselves. For 1.4 million seniors, that care comes in a nursing home where most residents have their bills paid by the government through the Medicaid program. For millions of others, that care comes from family members or paid providers, in homes or assisted living facilities...

Idaho Department of Finance Frequesntly Asked Questions (FAQ) about Consumer Finance.

Reverse mortgages are becoming popular in America. HUD's Federal Housing Administration (FHA) created one of the first. The Home Equity Conversion Mortgage (HECM) is FHA's reverse mortgage program which enables you to withdraw some of the equity in your home. The HECM is a safe plan that can give older Americans greater financial security. Many seniors use it to supplement social security, meet unexpected medical expenses, make home improvements and more. You can receive free information about reverse mortgages in general by calling AARP toll free at (800) 209-8085.

A predatory mortgage is a needlessly expensive home loan that provides no financial benefit to the gorrower in return fo the extra costs. In many cases, homeowners are deceived about the loan's true costs and terms or are pressured into signing loans they cannot afford. Many of these homeowners lose their homes to foreclosure.

What is predatory lending? Predatory lending is the practice of preying on, or taking advantage of, an individual or group of people that may have a difficult time buying or refinancing a home such as people who may be poor, uneducated, elderly, or in a protected class. Under the Fair Housing Act, a protected class is a group of people who share common characteristics and are protected from discrimination on the basis of race, religion, national origin, color, disability, familial status, and gender. How do I know if I've been a victim?