Legislation that would allow Reverse Mortgages for seniors 70 and over who make their homes in cooperatives has passed the New York State Senate and has been introduced in the Assembly. If passed this would open the door for lenders not interested in FHA to begin to make reverse mortgage loans in NY State (despite 16 years of efforts by CNYC and the National Association of Housing Cooperatives, HUD has no intention of making reverse mortgage loans to cooperatives nor to write guidelines for reverse mortgage loans).
The Albany legislative session ends on June 17th, so we ask your support to help ensure that the Assembly bill is passed before then. It is bill # A.10246 sponsored by Jeff Dinowitz from Riverdale.
Please write to ask your own Assembly member to support it and write also to Keith Wright, chairman of the Housing Committee, which now has the bill. Assembly member Wright can be reached at firstname.lastname@example.org and you can find your own representative at nyassembly.gov/mem.
Ask that they see to it that A.10246 passes this session. Briefly tell them what it will mean to you (and to the seniors in your building) as constituents.
Please copy CNYC on your correspondence. (Rothman@CNYC.coop)
Reverse mortgages enable senior to live on in the homes and the neighborhoods that have been theirs for many years. Owners of private homes and condominiums can already access reverse mortgages. We seek to make these loans available to seniors in cooperatives where the additional scrutiny of any loan by the board would help ensure that the loans are reasonable and affordable.
Mary Ann Rothman
CNYC Executive Director
P.S. If Jeff Klein is your State Senator, please also write to thank him for having passes S. 7844