New York Governor Signs Reverse Mortgage Co-op Bill

New York Governor Signs Reverse Mortgage Co-op Bill

NRMLA is pleased to report that New York Governor Kathy Hochul signed legislation into law that permits reverse mortgages on cooperative housing for persons aged 62 and older. The bill becomes effective in 180 days.

NRMLA worked tirelessly in advocating for the passage of this co-op bill. NRMLA met with its retained NY lobbyists and the bill’s sponsors in Albany, NY to ameliorate any concerns regarding proper consumer protections for co-op owners. We also worked directly with other stakeholders, including AARP, the Council of New York Co-ops & Condominiums and the National Council of Housing Co-ops so as to navigate a successful path forward for this legislation.

FHA does not permit Home Equity Conversion Mortgages on coops, but the new law paves the way for lenders that offer private-label reverse mortgages in New York to provide products for co-op owners.

Published by

Darryl Hicks

Darryl Hicks is Vice President of Communications for the National Reverse Mortgage Lenders Association. In this capacity, Hicks writes for NRMLA's publications, manages the association's web sites and social media accounts, assists committees and the Board of Directors, and manages the Certified Reverse Mortgage Professional designation. Prior to joining NRMLA in 1999, Hicks spent three years in the Washington, D.C. bureau for National Mortgage News.