ยง 6-h. Reverse mortgage loans authorized. Notwithstanding any
inconsistent provision of law, in addition to any other power exercised
by it, every authorized lender, as defined by section two hundred eighty
or two hundred eighty-a of the real property law, shall have the power
to offer reverse mortgage loans (1) which conform to the provisions of
section two hundred eighty or two hundred eighty-a of the real property
law and the rules and regulations promulgated by the superintendent of
financial services; or (2) which conform to the requirements of the
federal housing administration's home equity conversion mortgage
insurance demonstration program for as long as such program exists as
provided for in section 1715Z-20 of title 12 of the United States Code.
"Reverse mortgage" shall mean the mortgage, deed of trust or other
security instrument relating to a particular reverse mortgage loan
transaction.
The proceeds of a reverse mortgage shall not be considered as income
for the purposes of section four hundred sixty-seven of the real
property tax law; provided, however, that monies used to repay a reverse
mortgage may not be deducted from income, and provided additionally that
any interest or dividends realized from the investment of reverse
mortgage proceeds shall be considered income.
Structure New York Laws
Article 1 - Short Title; Definitions; Miscellaneous Provisions.
2-A - Limited Liability Investment Company; Definitions.
2-B - Limited Liability Trust Companies; Definitions.
4-C - Exemptions From Certain Provisions of Chapter.
5 - Loans Pursuant to the "Servicemen's Readjustment Act of 1944."
6-C - Application Forms to Be Made Available; Certain Cases.
6-D - Requirement to State in Writing Reason for Denial of Mortgage Loan.
6-E - Graduated Payment Mortgages Authorized.
6-G - Override of Certain Provisions of United States Public Law 97-320.
6-H - Reverse Mortgage Loans Authorized.
6-K - Real Property Insurance Escrow Accounts.
6-N - Responsibility of Banks for Mortgages Being Processed for Modification.
6-O - Single Point of Contact for Modifying Delinquent Home Loans.
6-O*2 - Reverse Cooperative Apartment Unit Loans for Persons Sixty-Two Years of Age or Older.
6-P - Loan Counseling for Mortgages Guaranteed by the Servicemen's Readjustment Act of 1944.
9-B - Actions or Special Proceedings by Superintendent or Attorney-General.
9-C - Superintendent's or Attorney-General's Action for Judicial Dissolution.
9-D - Enforcement of Section Two Hundred Ninety-Six-a of the Executive Law.
9-F - Geographic Discrimination in Making Mortgage Loans Prohibited.
9-H - Imposition of Service Charges Prohibited.
9-I - Close-Out Fees Prohibited in Certain Cases.
9-I*2 - Prohibition on Depositor of Early Withdrawal Penalty in Certain Cases.
9-J - Disposal of Records; Customer Accounts.
9-K - Sale of Education Loans.
9-N - Trust Accounts; Address of Beneficiary.
9-O - Mortgage Loans; Disclosure Form.
9-P - Acceptance of Certain Checks for Deposit.
9-R - Geographic Restrictions.
9-S - Preauthorized Electronic Fund Transfers.
9-T - Unsolicited Mail-Loan Checks.
9-U - Atm Transactions by Persons Using Foreign Bank Accounts.
9-V - Savings Promotion Prize Giveaway.
9-W - Standard Financial Aide Award Letter.
9-X*2 - Fees Based on Inactivity; Notification.
9-Y - Banking Institutions to Pay Checks Drawn Therein in Order of Presentation.