Results from a nationwide survey of homeowners about their experiences with and knowledge of home equity and home improvement loans and home improvement contractors:
- Almost three quarters of the respondents have received information offering them the opportunity to borrow money against their home.
- Of those taking out home equity loans, more than a quarter selected their lenders based on the lenders' solicitations, and more than half did not consult other lenders to compare interest rates and loan provisions before deciding.
The Excel Omnibus Survey was conducted in October 2000 by International Communications Research which interviewed 1,147 persons age 50 and older owning their primary place of residence, excluding manufactured housing and mobile homes. Report prepared by Helen Brown of AARP Research. (15 pages)