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NY A02174
Bill
Status
1/14/2021
Primary Sponsor
Jo Simon
Click for details
AI Summary
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Authorizes the New York mortgage agency to establish a reverse mortgage loan program enabling seniors age 65+ who own their homes to access home equity for long-term care needs.
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Limits loans to applicants with a chronic illness or condition requiring specified long-term care services for six consecutive months or more, with income not exceeding agency-set maximums.
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Requires area agencies on aging to conduct face-to-face care needs assessments for applicants and provide counseling on loan terms, Medicaid eligibility impacts, available services, and estate planning.
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Mandates independent HUD-approved reverse mortgage counseling before loan acceptance, with counselors prohibited from receiving compensation from lenders or related financial entities.
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Requires the agency to issue annual reports to the governor and legislature detailing application numbers, approval rates, denial reasons, borrower demographics, loan purposes, and funding adequacy.
Legislative Description
Establishes a reverse loan mortgage loan program for seniors; provides for the state of NY mortgage agency to establish many of the parameters for the implementation of the program; defines terms; requires a care needs assessment of each applicant; further provides that area agencies on aging shall provide counseling and assistance to applicants; requires independent counseling in compliance with HUD regulations; directs the state of New York mortgage agency to issue an annual report to the governor and the legislature.
Last Action
referred to housing
1/5/2022