Executive Vice President Steve Irwin and NRMLA’s outside counsel Jim Milano traveled to Albany, NY this week to meet with assembly members and their staffs and stakeholders from the Department of Finance, AARP and NY Legal Aid to discuss a draft proposal that would allow reverse mortgages on housing cooperatives.
NRMLA provided background on how reverse mortgages work and the issues that preclude HECMs from being allowed on co-ops.
“There are several issues with some of the proposed language. I think we were able to get everyone on the same page regarding these issues,” Irwin told Weekly Report. “AARP’s main focus was to ensure that there were sufficient consumer protections in place, and I am pleased to say that we were able to support the protections that they were offering.”