Senator Jeffrey Klein Introduces Legislation to make Reverse Mortgages Available to Co-op Owners

Responding to entreaties from ARC and other advocacy groups, New York Senator Jeffrey Klein introduced legislation in Albany that would amend the real property law to make reverse mortgages available to cooperators over the age of 70.  Known as S-7844, the measure is a simple one that would merely include cooperators in the universe of those permitted to apply for reverse mortgages, rather than allow them to be singled out and excluded from availing themselves of that potential resource.  Read the text of Act S-7844.  As the legislative session in Albany drew to a close at the end of June, Assemblyman Jeffrey Dinowitz indicated that the measure, already passed by the NYS Senate, had not reached the Assembly in time for action in this term, but that it would be high on his priority list come the fall of 2016.

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