Co-ops Finally Eligible for Reverse Mortgages
On December 1, 2021 New York Governor Kathty Hochul signed legislation (S760/A1508) which was long and strongly supported by ARC and other advocates for cooperative housing , to allow cooperators to obtain reverse mortgages on cooperative apartment loans. The new law will allow eligible cooperators to gain access to loans that can be used to pay for daily living expenses by borrowing money against the value of their home without requiring loan payments until the borrower dies or sells the home.
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