Assembly Bill A6987

2013-2014 Legislative Session

Establishes a reverse mortgage loan program for seniors and requires counselling

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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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2013-A6987 (ACTIVE) - Details

Current Committee:
Assembly Housing
Law Section:
Public Authorities Law
Laws Affected:
Add ยง2405-f, Pub Auth L
Versions Introduced in Other Legislative Sessions:
2015-2016: A5052
2017-2018: A1074
2019-2020: A1907
2021-2022: A2174
2023-2024: A1582

2013-A6987 (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

2013-A6987 (ACTIVE) - Bill Text download pdf

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

                                  6987

                       2013-2014 Regular Sessions

                          I N  A S S E M B L Y

                             April 29, 2013
                               ___________

Introduced  by M. of A. MILLMAN -- read once and referred to the Commit-
  tee 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.
  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  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
AND  REGULATIONS PERTAINING TO REVERSE MORTGAGE LOANS TO ACCOMMODATE THE
NEEDS OF THE PROGRAM.

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD10334-02-3
              

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