Daniel G. Fish, partner with McLaughlin & Stern. Courtesy photo Reverse Mortgages and Seniors in Co-Ops in New York
Effective May 30, 2022, a law sponsored by NYS Senator Alessandra Biaggi and NYS Assemblyman Jeffrey Dinowitz and signed by Governor Hochul will allow co-op owners to apply for reverse mortgages.
February 16, 2022 at 12:45 PM
7 minute read
Many seniors aged 62 or over are house rich but cash poor. They have built up great equity in the value of their homes but have very little in savings. They may wish to pay off a conventional mortgage or generate additional income. Those who own private homes or condominiums have the option of tapping into their equity by a reverse mortgage. The reverse mortgage, in appropriate cases, has allowed seniors to remain in the comfort of their own homes. Their real property is used as the collateral for the loan.
Seniors living in cooperative apartments have been unable to obtain a reverse mortgage because they do not own real property to be used as collateral. They own personal property, shares in the cooperative apartment corporation. Cooperatives represent 75% of the apartments in New York City, creating a significant disparate treatment of senior co-op owners seeking a reverse mortgage.
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