New York Laws
Article 8 - Conveyances and Mortgages
281 - Credit Line Mortgage.

(b) Payments made by an authorized lender pursuant to any credit line
reverse mortgage made in accordance with section two hundred eighty-a of
this article during any one year shall be limited to such amount or
ratio as may be determined by the superintendent of financial services.
In the event that a borrower does not take payment under such credit
line during the course of any year then that borrower shall have the
ability to increase the yearly payments by that amount available but not
borrowed during previous years.
2. Any credit line mortgage may, and when so expressed therein, shall
secure not only the original indebtedness but also the indebtedness
created by future advances thereunder made within thirty years from the
date of the recording of such credit line mortgage, whether such
advances are obligatory or are to be made at the option of the lender or
otherwise, to the same extent and with the same priority of lien as if
such future advances had been made at the time such credit line mortgage
was recorded pursuant to section two hundred ninety-one of this chapter,
although there may have been no advances made at the time of the
execution and acknowledgment of such credit line mortgage, and although
there may be no indebtedness outstanding at the time any advance is
made. The total amount of indebtedness that may be so secured by a
credit line mortgage may increase or decrease from time to time, but the
amount so secured at any one time shall not exceed the maximum amount
specified in such credit line mortgage, plus interest thereon at the
rate provided therein, and plus any disbursements made to protect the
security of such credit line mortgage, with interest on such
disbursements at the rate provided therein.
3. Nothing in this section shall affect the priority of a lien under
article two of the lien law with respect to future advances made under a
credit line mortgage after the filing of the notice of such lien under
the lien law.
4. This section shall apply to advances made after the effective date
of this section under a credit line mortgage, whether such credit line
mortgage is recorded on or after, or was recorded prior to, the
effective date of this section.
5. Nothing in this section shall be construed to limit, impair or
otherwise affect the priority under applicable law without reference to
this section of a mortgage, deed of trust, encumbrance or lien which was
recorded or filed prior to the effective date of this section.

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