Keeping Seniors Safe
You’ve worked hard to build equity in your own home. A Home Equity Line of Credit (HELOC) or Home Equity Loan allows you to turn that equity into funds you can borrow for renovations, buying more property, and other large investments.
With a HELOC or home equity loan, you’re borrowing against the value of your home. A HELOC gives you a revolving line of credit, meaning your payment varies based on how much you’ve borrowed.
As you repay your outstanding loan, more funds become available for HELOC lending.
Senior Protection
Dearborn Federal Savings Bank is committed to doing everything it can to help protect our customers and we offer the following tips for seniors and their financial caregivers:
Know the warning signs of scams.
- Scammers are always thinking of new ways to steal from seniors, but knowing the warning signs of scams will help stop fraud in its tracks.
- Paying fees or taxes for sweepstakes or lottery “winnings”, acting immediately on an offer or insisting on secrecy are characteristics of some types of fraud.
- When in doubt, talk to a trusted advisor, family member or friend.
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Protect your financial identity.
- Some scammers are more interested in stealing financial identities to open new credit cards or loans in seniors’ names.
- Shred receipts, bank statements and unused credit card offers before throwing them away.
- Never give personal information, including Social Security Number, account number or other financial information to anyone over the phone unless you initiated the call and the other party is trusted.
Choose a responsible financial caregiver.
- Sadly, family members and friends can also take advantage of seniors and leave them in financial ruin.
- Plan ahead for the day that you may not be able to manage finances on your own.
Talk to your banker about options to ease financial caregiving responsibilities.
- Banks offer a wide range of services to help seniors and financial caregivers manage finances in accordance with seniors’ needs and desires.
For more consumer tips, see the Consumer Resources section at
State Adult Protective Services
- Provides information on reporting financial abuse
- #855-444-3911
Additional Local Resources
- Michigan Department of Health and Human Services, Aging & Adult Services Agency
- Administers programs that serve older adults
- #517-241-4100
Michigan Department of Attorney General
- Protects consumers against fraud
- #517-335-7622
National Resources
- An information and referral resource to provide support to consumers across the spectrum of issues affecting older Americans.
- #800-677-1116
- Empowers consumers to take action to protect themselves, their families, and communities, from scams and fraud. Provides educational resources and a free consumer helpline staffed with volunteers trained in fraud counseling
- #800-908-3360