STATE OF NEW YORK
________________________________________________________________________
2135
2017-2018 Regular Sessions
IN ASSEMBLY
January 17, 2017
___________
Introduced by M. of A. DINOWITZ, SEAWRIGHT, COOK, JOYNER, OTIS, ABBATE,
GOTTFRIED, ROSENTHAL, CRESPO, HOOPER, QUART, BRAUNSTEIN -- Multi-Spon-
sored by -- M. of A. HEVESI -- read once and referred to the Commit-
tee on Housing
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
The People of the State of New York, represented in Senate and Assem-bly, do enact as follows:
1 Section 1. Paragraph (a) of subdivision 1 of section 280-a of the real
2 property law, as added by chapter 613 of the laws of 1993, is amended to
3 read as follows:
4 (a) Reverse mortgage loan. A loan which is secured by a first mortgage
5 on real property improved by a one to four-family residence [or], condo-
6 minium or cooperative unit that is the residence of the mortgagor(s) the
7 proceeds of which are advanced to the mortgagor(s) during the term of
8 the loan in equal installments, or in advances through a line of credit
9 or otherwise, in lump sums, or through a combination thereof.
10 § 2. This act shall take effect immediately.
EXPLANATION--Matter in italics (underscored) is new; matter in brackets
[] is old law to be omitted.
LBD03795-01-7
