STATE OF NEW YORK
________________________________________________________________________
4712
2017-2018 Regular Sessions
IN SENATE
February 24, 2017
___________
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
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
