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NY S01743

Bill

Official Source

Status

Introduced

1/12/2011

Primary Sponsor

Martin Golden

Click for details

Origin

Senate

2011-2012 General Assembly

AI Summary

  • Increases minimum age requirement for reverse mortgage borrowers from 60 to 62 years old
  • Expands eligible properties to include cooperative apartments and condominiums, in addition to one- to four-family residences
  • Changes terminology from "mortgagor" to "borrower" throughout the statute
  • Removes distinction between "term" and "tenure" reverse mortgages, consolidating maturity provisions into single definition based on contingent events like borrower death or property no longer being principal residence
  • Requires lenders offering reverse mortgages to also offer reverse mortgages under section 280-a on equal basis, unless insufficient applications are received

Legislative Description

Provides for reverse mortgage loans on co-op apartments.

Last Action

REFERRED TO AGING

1/4/2012

Committee Referrals

Aging1/12/2011

Full Bill Text

No bill text available