AARP Joins Suit Against Unison HEI Model
Elizabeth Aniskevich, Senior Counsel at Singleton Schreiber, was featured in an article, “AARP Joins Suit Against Unison HEI Model,” which discusses litigation in the District of Columbia Superior Court concerning home equity investment (HEI) products.
Aniskevich represents the National Association of Consumer Advocates (NACA) and the AARP Foundation in a lawsuit alleging Unison misrepresented its home equity investment product. The suit claims Unison marketed the product as neither a loan nor a source of debt, while plaintiffs assert it operates as a mortgage loan subject to lending and disclosure laws.
The case focuses on whether HEI agreements should be classified as mortgage loans, which would require compliance with federal and state consumer protection laws, including disclosure requirements. The lawsuit also alleges these agreements involve home liens and repayment terms similar to traditional mortgages, raising broader regulatory and consumer protection concerns as the HEI market grows.
“The market for these products is growing rapidly, and it is critical that the companies behind them are held to the same lending laws and consumer protection standards designed to prevent exactly this kind of harm,” Aniskevich said.
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