senate Bill S639

2011-2012 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


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

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Actions

view actions (2)
Assembly Actions - Lowercase
Senate Actions - UPPERCASE
Jan 04, 2012 referred to corporations, authorities and commissions
Jan 05, 2011 referred to corporations, authorities and commissions

Co-Sponsors

S639 - Details

See Assembly Version of this Bill:
A3876
Current Committee:
Law Section:
Public Authorities Law
Laws Affected:
Add ยง2405-f, Pub Auth L
Versions Introduced in 2009-2010 Legislative Session:
S2029, A1371

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

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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