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A01074 Summary:

BILL NOA01074
 
SAME ASNo Same As
 
SPONSORSimon
 
COSPNSRJaffee, Pichardo, Mosley, Colton, Cook, Blake, Sepulveda, Hyndman, D'Urso
 
MLTSPNSRBarnwell, Skartados, Stec
 
Add §2405-g, Pub Auth L
 
Establishes a reverse loan mortgage loan program for seniors; provides for the state of NY mortgage agency to establish many of the parameters for the implementation of the program; defines terms; requires a care needs assessment of each applicant; further provides that area agencies on aging shall provide counseling and assistance to applicants; requires independent counselling in compliance with HUD regulations; directs the state of New York mortgage agency to issue an annual report to the governor and the legislature.
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