What's happening
This bill allows reverse mortgages for people aged 70 or older to include cooperative units, not just homes and condominiums.
Why it matters
Expands financial options for older New Yorkers. By allowing cooperative unit owners aged 70 or older to access reverse mortgages, the bill could help more seniors tap into their home equity to support retirement, healthcare, or other needs.
Addresses a significant gap in NYC and urban areas. Many New Yorkers, especially in New York City, live in co-ops rather than condos or single-family homes. This change extends a key financial product to a much larger group of seniors who were previously excluded.
Potentially increases financial security and independence. Seniors who own co-op units may be less likely to face financial hardship or be forced to sell their homes, helping them age in place with greater autonomy.
May require new safeguards or oversight. Because co-ops have unique ownership and governance structures, expanding reverse mortgages to these properties might necessitate new consumer protections or guidance to prevent confusion or financial risk.
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Who cares
Headline styles
Reverse Mortgages for Co-ops
Plain English, a few words. Used as the page title.
Sponsors
11 Co-sponsors
2 Multi-sponsors
History
- Referred to housing
- Referred to housing
Companion bill
The same bill in the other chamber. A bill becomes law when one version passes both houses and the governor signs it, so either number can carry it.
Allow Reverse Mortgages for Co-ops
In Assembly Committee · Housing · Sponsor Jeffrey D. Klein
Full text
1 pageUnderlined is new[Struck] is removedOfficial text on nysenate.gov ↗
STATE OF NEW YORK
2135
2017-2018 Regular Sessions
IN ASSEMBLY
January 17, 2017
Introduced by M. of A. DINOWITZ, SEAWRIGHT, COOK, JOYNER, OTIS, ABBATE, GOTTFRIED, ROSENTHAL, CRESPO, HOOPER, QUART, BRAUNSTEIN -- Multi-Sponsored by -- M. of A. HEVESI -- read once and referred to the Committee on Housing
AN ACT to amend the real property law, in relation to including cooperative unit loan dwellings as those eligible for reverse mortgages for persons seventy years of age or older
The People of the State of New York, represented in Senate and Assembly, do enact as follows:
Section 1. Paragraph (a) of subdivision 1 of section 280-a of the real property law, as added by chapter 613 of the laws of 1993, is amended to read as follows:
(a) Reverse mortgage loan. A loan which is secured by a first mortgage on real property improved by a one to four-family residence [or], condominium or cooperative unit that is the residence of the mortgagor(s) the proceeds of which are advanced to the mortgagor(s) during the term of the loan in equal installments, or in advances through a line of credit or otherwise, in lump sums, or through a combination thereof.
§ 2. This act shall take effect immediately.
EXPLANATION--Matter in italics (underscored) is new; matter in brackets
[ ] is old law to be omitted.
LBD03795-01-7
Reflowed for reading: line numbers and page breaks removed. Cite the official text.
Summaries, headlines and scores are AI-generated from the official bill text. How we score bills. Source: NYS Open Legislation.