Senior Shareholders Get Another Shot at Reverse Mortgage Access

In a development sure to be of interest to New York’s co-op housing community, State Assemblymember Jeffrey Dinowitz (D) of New York’s 81st district announced the passage of a bill during the recently-ended legislative session that would allow cooperative tenant-shareholders 65 years of age and older to apply for reverse mortgages – a type of home equity loan that’s long been available to other types of homeowners, but that until now was not an option for co-ops.

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