Homeowners' Equity Protection Act

The Homeowners' Equity Protection Act (HEPA) is a law designed to protect homeowners from deceptive lending practices when they seek to borrow against their home equity. It requires lenders to provide clear disclosures about the terms of any home equity loans or mortgages, ensuring that homeowners understand the costs and risks involved. HEPA aims to prevent unfair practices, such as predatory lending, by promoting transparency and fairness in the lending process, particularly for those who may be vulnerable to exploitation. This helps homeowners make informed financial decisions regarding their property.