New Support for Reverse Mortgages for Co-ops

Congressman Bowman recently joined with local legislators in requesting that HUD promulgate regulations to allow senior co-op shareholders to participate in the Home Equity Conversion Mortgage program. The Association of Riverdale Cooperatives & Condominiums along with Members of Congress and the Legislature has been advocating for this change for years, but we are hopeful that with a new administration, HUD, the New York State Legislature and the Governor will be willing to revisit this issue. The letter from the legislators can be read in its entirety here.

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