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NY A01111
Bill
Status
1/9/2025
Primary Sponsor
Jo Simon
Click for details
AI Summary
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Establishes a reverse mortgage loan program through the State of New York Mortgage Agency to help seniors age 65 and older use home equity to pay for long-term care services
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Limits loans to 80% of home value with low fixed interest rates, no prepayment penalties, reduced origination fees, and optional one-time lump sum payments up to $5,000
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Requires applicants to own and occupy a single-family home, condominium, or co-op, have a chronic illness affecting their ability to function, and meet income limits set by the agency
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Mandates face-to-face care needs assessments by area agencies on aging to determine eligibility and requires independent HUD-approved counseling before loan applications can be accepted
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Directs the agency to issue annual reports to the governor and legislature detailing loan applications, approvals, denials, borrower demographics, and program 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; 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
1/7/2026