AARP Texas Educates Consumers On Predatory Lending

By: Source: AARP.org Date Posted: 2003-11-11 00:00:00-05:00

AARP Texas turned up the heat on its educational campaign against predatory lending recently by taking its message to church-going residents in Dallas. “Predatory Lending Sunday” took place Nov. 9 at the Ervay Cedar Missionary Baptist Church. During that service, AARP Texas State Lead for Communications, Ester Davis, addressed Ervay Church congregants and delivered a stirring message with substantial information alerting them to the risks associated with predatory mortgage lending.

“There is ample evidence that consumers are offered loans as a miracle financial cure,” said AARP Texas State Lead for Communications, Ester Davis of Dallas. “Homeowners are then stunned to learn that they can’t afford to pay off loans, which jeopardizes their home ownership.”

The central message of the AARP Texas campaign is: "They didn't tell me I could lose my home."

The campaign is designed to raise public awareness of what homeowners can do to avoid putting their home at risk of foreclosure because of cost prohibitive loans. Since about eight in ten Americans over age 65 own their own homes free of any mortgage, older Americans are perfect prey for offers of home loan solicitations, particularly those for home improvements.

Informational materials outlining the schemes and pitfalls of predatory lending practices were distributed to Ervay Baptist Church as well as about a dozen other Dallas churches. Other participating churches are located in Sherman, Desoto and Lancaster.

The materials also inform consumers how to order an AARP "Borrower's Kit."

This comprehensive kit offers tips and information on:

  • home equity loans
  • home improvement loans
  • how to select a contractor
  • reverse mortgages
  • alternatives to home loans
  • a glossary of common loan terms
  • worksheets to help make wise consumer decisions

Get your kit free by calling 1-888-OUR-AARP (1-888-687-2277).

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