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NY S00864
Bill
Status
1/7/2015
Primary Sponsor
Jack Martins
Click for details
AI Summary
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Allows authorized lenders to receive up to 20 percent of future property appreciation as consideration for making reverse mortgage loans to borrowers age 60 or older
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Limits future appreciation received by lenders through rules and regulations to be adopted by the Superintendent of Financial Services
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Permits lenders to charge either a fixed interest rate on outstanding loan balances, receive appreciation, or use a combination of both methods
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Exempts appreciation received by lenders from usury laws and interest rate caps under Penal Law sections 190.40 and 190.42
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Takes effect 180 days after becoming law
Legislative Description
Provides that a lender providing a reverse mortgage to a person who is 60 years of age or older may receive not more than 20% of the future appreciation of property secured by the mortgage as consideration for providing such reverse mortgage.
Last Action
REFERRED TO AGING
1/6/2016