A New York state-level fund will be able to assist reverse mortgage borrowers in defaults resulting from the COVID-19 pandemic.
New York State Legislature
A bill which would allow New York state co-op residents to take out a reverse mortgage loan has been signed by the state’s governor.
A bill which would allow reverse mortgages on co-ops for residents of New York state has been delivered to Gov. Kathy Hochul months after its initial passage.
A bill passed in June that would allow New York seniors to get reverse mortgages on co-ops has been stalled, apparently due to recent turnover in the office of the state’s governor.
A new bill aiming to allow reverse mortgages for co-op residents in the state of New York has passed the legislature, but could encounter difficulty in getting a signature from Gov. Andrew Cuomo.
The reverse mortgage industry is making another effort to assist in developing legislation which would allow reverse mortgage loans on co-ops, after a veto from Governor Andrew Cuomo derailed a previous effort at the end of 2019.
A bill in New York requiring area lenders to notify the state’s Department of Financial Services (DFS) and mortgagors of an impending foreclosure action on reverse mortgage borrowers has been signed into law by Governor Andrew Cuomo, codifying the measure into law after being passed by both houses of the state legislature this past summer. […]
A new bill in New York requiring area lenders to notify the state’s Department of Financial Services (DFS) and mortgagors of an impending foreclosure action has passed both houses of the state’s legislature, and is now awaiting the delivery to, and signature of Governor Andrew Cuomo to become law. The bill, known as A5627 in […]
Reverse mortgage lenders who have approval to generate reverse mortgages in the state of New York have largely paused their application processes for new loans within the state, RMD has learned, which has been confirmed by multiple lenders. This is in response to sweeping new regulations that have recently gone into effect there, according to […]
The New York State Department of Financial Services (NYDFS) has issued new reverse mortgage regulations, implementing the recently-passed New York State Assembly Bill A5626. The regulations went into effect as of March 5, 2020. Assembly bill A5626 was first passed by the New York State Assembly in May, and takes sweeping aim at what it […]
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