Seniors Soon to be Eligible for Reverse Mortgages
Thanks to a recent change in [New York] state law, co-op shareholders 62 and older will soon become eligible to take out reverse mortgages on their apartments. It’s a valuable financial tool for seniors in need of money to cover their living expenses — and welcome news for co-op boards concerned about older residents being able to age in place amid rising maintenance fees and assessments. With the new law, which goes into effect May 30, co-ops will be traversing new territory. Here’s what you need to know.
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