An Act to protect equity in real estate transactions
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Progress
Where this bill stands in the legislative process.
- Introduced
- Passed Senate
- Passed House
- To Governor
- Became Law
Overview
This bill proposes to establish shared appreciation mortgages in Massachusetts. These mortgages would allow homebuyers to benefit from potential increases in property value, with a portion of those gains shared with the lender or a designated entity. The goal is to promote equity and affordability in real estate transactions, particularly for first-time homebuyers.
Key provisions
- Establishes shared appreciation mortgages.
- Requires a portion of property value appreciation to be shared between the borrower and the lender.
- Intended to increase homeownership opportunities.
- Focuses on promoting equity for homebuyers.
- Addresses concerns about potential disparities in real estate transactions.
Who is affected
- Homebuyers
- Mortgage lenders
- Real estate investors
- Massachusetts residents
- The housing market
Notable changes
- Introduces a new mortgage product – the shared appreciation mortgage.
- Potentially alters the traditional risk-reward dynamic between borrowers and lenders in real estate.
- Could impact property values and affordability in the long term.
Bill text
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Sponsors
Official sponsors from legislative records.
2 on record
Primary sponsor
Cosponsor
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