|Assembly Actions - Lowercase
Senate Actions - UPPERCASE
|Jan 04, 2012||referred to corporations, authorities and commissions|
|Jan 05, 2011||referred to corporations, authorities and commissions|
senate Bill S639
Archive: Last Bill Status -
- In Committee
- On Floor Calendar
- Passed Senate
- Passed Assembly
- Delivered to Governor
- Signed/Vetoed by Governor
S639 - Details
S639 - Summary
Establishes a reverse 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… (view more) further provides that area agencies on aging shall provide counseling and assistance to applicants; directs the state of New York mortgage agency to issue an annual report to the governor and the legislature.
S639 - Sponsor Memo
BILL NUMBER:S639 TITLE OF BILL: An act to amend the public authorities law, in relation to establishment of a reverse mortgage loan program for low income seniors PURPOSE OR GENERAL IDEA OF BILL: The purpose of this bill is to assist certain elderly homeowners to pay for their long term care and remain at home. SUMMARY OF PROVISIONS: This bill would authorize the State of New York Mortgage Agency (SONYMA) to establish the Reverse Mortgage Loan Program for Low Income Seniors. The goal of the program would be to enable low income senior homeowners to use the equity in their homes to pay for their Long Term care needs. In order to qualify for the program, an applicant would have to be age sixty-five years of age or older, meet the income eligibility guidelines set by SONYMA, be the owner and occupant of a single family dwelling or condominium and have lost some or all of the capacity to function on his or her own due to chronic illness. An applicant would have to undergo a care needs assessment and counseling on reverse mortgages in order to obtain a loan from the program. Loans issued by the program would offer a low, fixed interest rate to be established by SONYMA. In addition, any origination fees, closing costs or fees charged by the program
S639 - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 639 2011-2012 Regular Sessions I N S E N A T E (PREFILED) January 5, 2011 ___________ Introduced by Sens. GOLDEN, JOHNSON -- 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.
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