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NY S04712

Bill

Official Source

Status

Engrossed

6/15/2017

Primary Sponsor

Jeffrey Klein

Click for details

Origin

Senate

2017-2018 General Assembly

AI Summary

  • Amends the Real Property Law to expand reverse mortgage eligibility to include cooperative units, in addition to one to four-family residences and condominiums

  • Defines eligible properties for reverse mortgages as those improved by a one to four-family residence, condominium, or cooperative unit that serves as the mortgagor's residence

  • Maintains existing reverse mortgage loan structure allowing proceeds to be advanced as equal installments, line of credit, lump sums, or combinations thereof

  • 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

6/13/2018

Committee Referrals

Housing6/13/2018
Aging1/3/2018
Rules6/15/2017
Aging2/24/2017

Full Bill Text

No bill text available