Civil Code - CIV - CIV § 1917.713

Summary

Each lender making a shared appreciation loan for seniors shall additionally furnish to the prospective borrower, prior to consummation of the loan, a statement containing the following information: IMPORTANT INFORMATION ABOUT YOUR SHARED APPRECIATION LOAN FOR SENIORS You are bei

Text

Each lender making a shared appreciation loan for seniors shall additionally furnish to the prospective borrower, prior to consummation of the loan, a statement containing the following information:
IMPORTANT INFORMATION ABOUT YOUR SHARED APPRECIATION LOAN FOR SENIORS
You are being offered a shared appreciation loan. Before you decide to accept this loan, read this statement, which is designed to provide important information you should consider.
1.
Prevailing interest rate: __%.
2.
Stated interest rate on this loan: __%.
3.
Projected contingent interest: __%.
4.
Initial amount of this loan: $__.
5.
Amount of the monthly annuity payments you will receive: $__.
6.
Projected term of this loan: __ years.
7.
Projected total loan obligation you will have to pay, assuming the loan continues to the end of the “borrower’s” life expectancy: $__.

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• #1 | Civil Code - CIV - CIV § 1917.713

  Each lender making a shared appreciation loan for seniors shall additionally furnish to the prospective borrower, prior to consummation of the loan, a statement containing the following information: IMPORTANT INFORMATION ABOUT YOUR SHARED APPRECIATION LOAN FOR SENIORS You are being offered a shared appreciation loan…