The issues surrounding reverse mortgages are many and they are debatable.  For a certain segment of our population they may provide needed cash.  Home owners are eligible to apply them, but currently co-op owners may not.

We do not wish to argue the merits or shortcomings, but rather simply endorse the availability of reverse mortgages, replete with appropriate protections and sanctions and subject to the approval of Boards of Directors (just like any other mortgage), as may be afforded to our neighbors who own their private homes.

During the 2015-2016 legislative session in Albany, Senator Klein introduced a bill, s7844, that would simply amend the existing law to include cooperative dwellings, rather than exclude them as the law currently does.  This amendment needs to be reintroduced and passed in the legislature.