Assembly Bill A1074

2017-2018 Legislative Session

Establishes a reverse mortgage loan program for seniors and requires counselling

download bill text pdf

Sponsored By

Archive: Last Bill Status - In Assembly 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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2017-A1074 (ACTIVE) - Details

Current Committee:
Assembly Housing
Law Section:
Public Authorities Law
Laws Affected:
Add §2405-g, Pub Auth L
Versions Introduced in Other Legislative Sessions:
2013-2014: A6987
2015-2016: A5052
2019-2020: A1907
2021-2022: A2174
2023-2024: A1582

2017-A1074 (ACTIVE) - Summary

Establishes a reverse loan mortgage loan program for 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

2017-A1074 (ACTIVE) - Bill Text download pdf

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   1074
 
                        2017-2018 Regular Sessions
 
                           I N  A S S E M B L Y
 
                             January 10, 2017
                                ___________
 
 Introduced  by  M.  of A. SIMON, JAFFEE, PICHARDO, MOSLEY, COLTON, COOK,
   BLAKE -- Multi-Sponsored by -- M. of A. STEC -- read once and referred
   to the Committee on Housing
 
 AN ACT to amend the public authorities law, in relation to establishment
   of a reverse mortgage loan program for 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 elderly  homeown-
 ers to stay at home and pay for their long-term care.
   §  2.  The  public  authorities law is amended by adding a new section
 2405-g to read as follows:
   § 2405-G. REVERSE MORTGAGE LOAN PROGRAM FOR  SENIORS.    (1)  AUTHORI-
 ZATION. 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 SENIOR HOMEOWNERS TO USE THE  EQUITY
 IN  THEIR  HOMES  TO  PROVIDE FOR THEIR LONG-TERM CARE NEEDS. THE SUPER-
 INTENDENT OF FINANCIAL SERVICES IS HEREBY AUTHORIZED TO VARY  ANY  RULES
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD00475-01-7
              

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