California · Civil Code
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: I
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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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