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BRIEFLY / FINANCIAL SERVICES

Older Americans Flooded With Solicitations

November 16, 2000|Washington Post

Americans age 50 and older are being inundated with home loan solicitations, and most who take the plunge don't comparison shop, according to a study released by AARP. The combination of aggressive telemarketing and the failure to shop around could lead to "financial disaster for some homeowners, who may pay more than necessary and . . . may even lose their homes to creditors when they are unable to repay high-interest loans or excessive charges," says AARP, a Washington, D.C., group that lobbies on behalf of older Americans. According to AARP, 28% of those taking out loans picked a lender based on an ad or a solicitation. And half didn't check the rates against those from other lenders.

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