§ 6-h. Reverse mortgage loans authorized. Notwithstanding any\ninconsistent provision of law, in addition to any other power exercised\nby it, every authorized lender, as defined by section two hundred eighty\nor two hundred eighty-a of the real property law, shall have the power\nto offer reverse mortgage loans (1) which conform to the provisions of\nsection two hundred eighty or two hundred eighty-a of the real property\nlaw and the rules and regulations promulgated by the superintendent of\nfinancial services; or (2) which conform to the requirements of the\nfederal housing administration's home equity conversion mortgage\ninsurance demonstration program for as long as such program exists as\nprovided for in section 1715Z-20 of title 12 of the United States Code.\n"Reverse mortgage" shall mean the mortgage, deed of trust or other\nsecurity instrument relating to a particular reverse mortgage loan\ntransaction.\n The proceeds of a reverse mortgage shall not be considered as income\nfor the purposes of section four hundred sixty-seven of the real\nproperty tax law; provided, however, that monies used to repay a reverse\nmortgage may not be deducted from income, and provided additionally that\nany interest or dividends realized from the investment of reverse\nmortgage proceeds shall be considered income.\n
‹ Prev All New York sections Next ›
Lexace provides legal information, not legal advice, and no attorney–client relationship is created. Statute text is provided for general information and may not reflect the most recent amendments; verify against the official state code.