senate Bill S1743

2011-2012 Legislative Session

Provides for reverse mortgage loans on co-op apartments

download bill text pdf

Sponsored By

Archive: Last Bill Status -

  • Introduced
  • In Committee
  • On Floor Calendar
    • Passed Senate
    • Passed Assembly
  • Delivered to Governor
  • Signed/Vetoed by Governor

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view actions (2)
Assembly Actions - Lowercase
Senate Actions - UPPERCASE
Jan 04, 2012 referred to aging
Jan 12, 2011 referred to aging


S1743 - Details

Law Section:
Real Property Law
Laws Affected:
Amd ยงยง280 & 280-a, RP L
Versions Introduced in 2009-2010 Legislative Session:

S1743 - Summary

Provides for reverse mortgage loans on co-op apartments.

S1743 - Sponsor Memo

S1743 - Bill Text download pdf

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


                       2011-2012 Regular Sessions

                            I N  S E N A T E

                            January 12, 2011

Introduced  by  Sens.  GOLDEN, LARKIN -- read twice and ordered printed,
  and when printed to be committed to the Committee on Aging

AN ACT to amend the real property law, in relation to  reverse  mortgage


  Section 1. Section 280 of the real property law, as added  by  chapter
613  of  the  laws of 1993 and subdivision 5 as amended by chapter 33 of
the laws of 1996, is amended to read as follows:
  S 280. Reverse mortgage loans for persons [sixty] SIXTY-TWO  years  of
age  or older. 1. For purposes of this section the following terms shall
have the following meanings:
  (a) Reverse mortgage loans. A loan which is secured by a  first  mort-
gage on real property improved by a one- to four-family residence, COOP-
ERATIVE   APARTMENT   or  condominium  that  is  the  residence  of  the
[mortgagor(s)] BORROWER OR BORROWERS the proceeds of which are  advanced
to  the [mortgagor(s)] BORROWER OR BORROWERS during the term of the loan
in equal installments, in advances through a line of  credit  or  other-
wise, in lump sums, or through a combination thereof.
  (b)  [Term reverse mortgage loan. Any reverse mortgage loan that has a
fixed term to maturity.
  (c) Tenure reverse mortgage loan. Any reverse mortgage loan that  does
not  have a fixed term to maturity, but rather] REVERSE MORTGAGE MATURI-
TY. A REVERSE MORTGAGE matures solely upon contingent  events,  such  as
events  including  but not limited to death OF THE SURVIVING BORROWER or
the real property securing the loan no longer  being  the  [mortgagors']
BORROWERS' principal residence.
  [(d)] (C) Authorized lender. Any bank, trust company, national banking
association, savings bank, savings and loan association, federal savings
bank,  federal  savings  and  loan association, credit union, or federal
credit union or any licensed mortgage banker approved for the making  of

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


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