Loading chat...
NY A01582
Bill
Status
1/17/2023
Primary Sponsor
Jo Simon
Click for details
AI Summary
-
Establishes a reverse mortgage loan program within the New York State Mortgage Agency enabling seniors age 65+ to borrow against home equity for long-term care needs.
-
Limits loans to homeowners with incomes below agency-determined thresholds who own single-family homes, condominiums, or co-ops and have lost capacity to function due to chronic illness requiring six or more months of specified care services.
-
Requires area agencies on aging to conduct face-to-face care needs assessments and provide counseling on loan terms, Medicaid implications, community services, and estate planning before loan approval.
-
Mandates independent HUD-approved counseling for all applicants at no cost before lender acceptance of applications, with certification required and maintained for the loan term.
-
Directs agency to issue annual reports including application numbers, approval rates, borrower demographics, loan purposes, and program funding adequacy to the governor and legislature.
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; 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
1/3/2024