Senate Bill S2029

2009-2010 Legislative Session

Establishes a reverse mortgage loan program for low income seniors

download bill text pdf

Sponsored By

Archive: Last Bill Status - In Senate Committee Corporations, Authorities And Commissions Committee


  • Introduced
    • In Committee Assembly
    • In Committee Senate
    • On Floor Calendar Assembly
    • On Floor Calendar Senate
    • Passed Assembly
    • Passed Senate
  • Delivered to Governor
  • Signed By Governor

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2009-S2029 (ACTIVE) - Details

See Assembly Version of this Bill:
A1371
Current Committee:
Senate Corporations, Authorities And Commissions
Law Section:
Public Authorities Law
Laws Affected:
Add §2405-f, Pub Auth L
Versions Introduced in Other Legislative Sessions:
2011-2012: S639, A3876
2013-2014: S3960, A3583

2009-S2029 (ACTIVE) - Summary

Establishes a reverse loan mortgage loan program for low income 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

2009-S2029 (ACTIVE) - Sponsor Memo

2009-S2029 (ACTIVE) - Bill Text download pdf

                            
                    S T A T E   O F   N E W   Y O R K
________________________________________________________________________

                                  2029

                       2009-2010 Regular Sessions

                            I N  S E N A T E

                            February 11, 2009
                               ___________

Introduced  by  Sens.  GOLDEN, O. JOHNSON, MORAHAN, VOLKER -- read twice
  and ordered printed, and when printed to be committed to the Committee
  on Corporations, Authorities and Commissions

AN ACT to amend the public authorities law, in relation to establishment
  of a reverse mortgage loan program for low income seniors

  THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND  ASSEM-
BLY, DO ENACT AS FOLLOWS:

  Section  1.  Legislative  findings. The legislature finds and declares
that many senior citizens living in New York own  their  own  homes  and
want  to  continue  to live at home for as long as possible. Nationally,
with over two trillion dollars tied up in home equity, reverse mortgages
have the potential to dramatically increase the ability  of  seniors  to
pay  for  their  long-term  care  and remain in their homes. Today, over
eighty percent of older Americans own  their  own  homes,  seventy-three
percent  of  which  are owned free and clear of any mortgages. Unlocking
these resources can help "house-rich and cash-poor" seniors purchase the
long-term care services they feel best meet their needs.  Private  funds
from  reverse  mortgages  also  can  strengthen community long-term care
systems and reduce the burden on state and local Medicaid  budgets.  The
purpose  of  this  act  is  to establish a reverse mortgage loan program
within the state of New York mortgage agency to enable low income elder-
ly homeowners to stay at home and pay for their long-term care.
  S 2. The public authorities law is amended by  adding  a  new  section
2405-f to read as follows:
  S  2405-F.  REVERSE MORTGAGE LOAN PROGRAM FOR LOW INCOME SENIORS.  (1)
AUTHORIZATION. NOTWITHSTANDING ANY PROVISION OF LAW TO THE CONTRARY, THE
AGENCY IS HEREBY AUTHORIZED AND DIRECTED TO ESTABLISH A REVERSE MORTGAGE
LOAN PROGRAM FOR THE PURPOSE OF ENABLING LOW INCOME SENIOR HOMEOWNERS TO
USE THE EQUITY IN THEIR HOMES TO PROVIDE FOR THEIR LONG-TERM CARE NEEDS.
THE BANKING BOARD IS HEREBY AUTHORIZED TO VARY ANY RULES AND REGULATIONS

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD04206-01-9

              

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