Bill > A01582

This bill establishes a reverse mortgage loan program for seniors within the New York State Mortgage Agency. The program aims to enable elderly homeowners to use the equity in their homes to pay for their long-term care needs and remain in their homes for as long as possible. The bill defines key terms, sets out the eligibility criteria for applicants, requires a care needs assessment, and provides for counseling and assistance to be offered by area agencies on aging. It also mandates independent counseling for applicants in compliance with HUD regulations and directs the agency to issue an annual report on the program's activities.