New York S 2559: Relates to the tax credit for the purchase of long-term care insurance

Bill Text

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S02559 Summary:

BILL NOS02559 

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SAME ASNo Same As

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SPONSORCOMRIE

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COSPNSR

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MLTSPNSR

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Add §280-c, RP L

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Provides for the establishment of the New York state home equity conversion information summary to provide notice of mortgagor's right and responsibilities under reverse mortgage loans issued under the home equity conversion mortgage program of the federal Department of Housing and Urban Development; provides that every authorized lender must provide copies of such summary not less than 5 days prior to closing on a reverse mortgage loan; establishes a private right of action for violations of such provisions.

Go to top S02559 Actions:

BILL NOS02559 

&nbsp

01/21/2025REFERRED TO AGING

01/07/2026REFERRED TO AGING

Go to topS02559 Committee&nbspVotes:

Go to topS02559 Floor&nbspVotes:

There are no Assembly votes for this bill in this legislative session.

Go to topS02559 Text:

 STATE OF NEW YORK
 ________________________________________________________________________

 2559

 2025-2026 Regular Sessions

 IN SENATE

 January 21, 2025
 ___________

 Introduced by Sen. COMRIE -- read twice and ordered printed, and when
 printed to be committed to the Committee on Aging

 AN ACT to amend the real property law, in relation to the provision of
 certain information to mortgagors of reverse mortgages issued under
 the federal home equity conversion mortgage for seniors program

 The People of the State of New York, represented in Senate and Assem-
 bly, do enact as follows:

 1 Section 1. The real property law is amended by adding a new section
 2 280-c to read as follows:
 3 § 280-c. Federal home equity conversion mortgage information summary
 4 sheet. 1. For the purposes of this section the following terms shall
 5 have the following meanings:
 6 (a) A reverse mortgage loan as defined in section two hundred eighty
 7 of this article, which is issued in this state pursuant to the home
 8 equity conversion mortgage for seniors program operated by the federal
 9 Department of Housing and Urban Development.
 10 (b) An authorized lender as defined in section two hundred eighty of
 11 this article authorized to make reverse mortgage loans, as defined in
 12 this section.
 13 (c) A mortgagor as defined in section two hundred eighty of this arti-
 14 cle.
 15 (d) The department of financial services established pursuant to
 16 section one hundred two of the financial services law.
 17 2. The department shall establish and distribute to authorized lend-
 18 ers, and periodically update, a New York state home equity conversion
 19 information summary. Such summary shall include, but not be limited to:
 20 (a) notice that reverse mortgage loans are not free or cost free, and
 21 such loans have associated costs that are included in the financing
 22 thereof;
 23 (b) a schedule of payments to be made to and from the mortgagor, and
 24 the total payment for both the mortgagee and the authorized lender over

 EXPLANATION--Matter in italics (underscored) is new; matter in brackets
 [ ] is old law to be omitted.
 LBD05051-01-5

 S. 2559 2

 1 the term of the reverse mortgage loan contingent upon the type of such
 2 loan being offered;
 3 (c) a statement advising mortgagors to consult with licensed profes-
 4 sionals regarding the tax and estate planning consequences of reverse
 5 mortgage loans;
 6 (d) where applicable, a description of the prepayment and refinancing
 7 provisions of the reverse mortgage loan;
 8 (e) an explanation and itemization of the potential costs of reverse
 9 mortgage loans, including the rate of interest and total interest paya-
 10 ble on such loan;
 11 (f) a summary of actions or conditions that will constitute a default
 12 of the reverse mortgage loan;
 13 (g) a summary and explanation of alternatives to entering into a
 14 reverse mortgage loan on the basis of economic hardship including, but
 15 not limited to, direct sale of the residence, social safety net
 16 programs, debt consolidation or economic counseling;
 17 (h) information on a mortgagor's basic rights in the foreclosure proc-
 18 ess;
 19 (i) a summary of the real property tax exemptions which are available
 20 to the mortgagor in order to reduce such mortgagor's cost of living;
 21 (j) information about New York state-based organizations that pr