NY S00639

Directs the New York State Housing Finance Agency to establish a reverse mortgage loan program enabling low-income seniors age 65+ who own their homes to access equity for long-term care needs.

Limits loans to applicants owning single-family dwellings or condominiums with chronic illnesses requiring at least six consecutive months of covered services (home care, nursing, physical therapy, medical equipment, etc.), with maximum loan amounts set at 80% of home value.

Requires area agencies on aging to conduct face-to-face care needs assessments using standardized instruments and provide counseling on loan terms, Medicaid eligibility impacts, community services, and estate planning considerations.

Establishes loan terms including fixed interest rates, reduced or no origination fees, no prepayment penalties, and initial lump-sum payments up to $5,000, with specific income and asset limits to be determined by the agency.

Requires the agency to submit annual reports to the Governor and Legislature detailing loan applications, approvals, denials, borrower demographics, and program funding adequacy; takes effect 180 days after enactment.