NY S01246

Requires authorized lenders to deliver a plain language statement prepared by the Department of Financial Services to reverse mortgage applicants upon application.

Mandates lenders provide prospective borrowers with a reverse mortgage worksheet guide prior to counseling meetings, covering impacts on heirs, default consequences, alternatives, and government assistance eligibility.

Prohibits lenders from accepting final applications or assessing fees until seven days have elapsed from counseling completion, as evidenced by counseling certification or signed waiver affidavit.

Requires reverse mortgages to bear an express and conspicuous legend identifying them as reverse mortgages.

Mandates notification of local or county office for the aging if a mortgagor has not designated a third party to receive foreclosure notices, enabling the aging office to protect mortgagor interests.