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NY S07844
Bill
Status
6/2/2016
Primary Sponsor
Jeffrey Klein
Click for details
AI Summary
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Amends the Real Property Law to expand reverse mortgage eligibility to include cooperative unit dwellings in addition to one to four-family residences and condominiums.
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Defines a reverse mortgage as a loan secured by a first mortgage on real property improved by a one to four-family residence, condominium, or cooperative unit that serves as the mortgagor's residence.
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Allows reverse mortgage proceeds to be advanced in equal installments, through a line of credit, in lump sums, or through a combination of these methods.
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Takes effect immediately upon enactment.
Legislative Description
Relates to permitting reverse mortgages for persons aged 70 and over to be secured by a cooperative unit.
Last Action
referred to housing
6/2/2016