NY A10755

Establishes a new category of reverse cooperative apartment unit loans for borrowers aged 70+ with income not exceeding 80% of county median income, allowing them to access home equity while remaining in their residence.

Requires borrowers to maintain lifetime possession of the cooperative apartment unit as their principal residence, with loan terms capped at 10 years or less (except tenure loans with no fixed term).

Permits lenders to receive up to 20% of future property appreciation as compensation after the initial loan term, or alternatively charge fixed interest rates on the outstanding balance.

Mandates lenders provide comprehensive disclosures including payment schedules, interest rates, termination events, and requires borrowers to obtain independent counseling from attorneys or housing counselors before loan commitment.

Requires lenders to conduct face-to-face interviews with borrowers before foreclosure proceedings and provide 90-day notice with detailed default information and available remedies, including options for non-borrowing spouses and heirs.