senate Bill S7844

2015-2016 Legislative Session

Relates to permitting reverse mortgages for persons aged 70 and over to be secured by a cooperative unit

download bill text pdf

Sponsored By

Archive: Last Bill Status - Passed Senate

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

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view actions (7)
Assembly Actions - Lowercase
Senate Actions - UPPERCASE
Jun 02, 2016 referred to housing
delivered to assembly
passed senate
Jun 01, 2016 advanced to third reading
May 25, 2016 2nd report cal.
May 24, 2016 1st report cal.1096
May 17, 2016 referred to aging

S7844 (ACTIVE) - Details

See Assembly Version of this Bill:
Law Section:
Real Property Law
Laws Affected:
Amd ยง280-a, RP L
Versions Introduced in 2017-2018 Legislative Session:
S4712, A2135

S7844 (ACTIVE) - Summary

Relates to permitting reverse mortgages for persons aged 70 and over to be secured by a cooperative unit.

S7844 (ACTIVE) - Sponsor Memo

S7844 (ACTIVE) - Bill Text download pdf

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


                            I N  S E N A T E

                              May 17, 2016

Introduced  by  Sen.  KLEIN  -- 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 including  cooper-
  ative  unit loan dwellings as those eligible for reverse mortgages for
  persons seventy years of age or older


  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], condo-
minium 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.
  S 2. This act shall take effect immediately.

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


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