New York State Considers Raising Reverse Mortgage Borrower Age

WRE, May 5, 2023–Phil Hall
State Assembly Bill A5877 would also make additional changes to the state’s reverse mortgage laws including provisions for reverse mortgages and cooperative apartments, defining the role of a non-borrowing spouse, allowing for partial or full prepayments, and changing the product’s language from “mortgagors” or “applicants” to “borrowers.” The bill would also restrict fees from being charged for reverse mortgage processing until the borrower receives a counseling certificate.