Bill > A01111

This bill establishes a comprehensive reverse mortgage loan program for seniors in New York designed to help elderly homeowners access home equity to pay for long-term care while remaining in their homes. The program, to be administered by the New York mortgage agency, will offer loans to homeowners aged 65 and older who have diminished functional capacity due to chronic illness and require extended care services. Eligible applicants must own and occupy a single-family home, condominium, or co-op, and have income below agency-established limits. The loans will feature low, fixed interest rates with reduced origination fees and no pre-payment penalties, and can provide monthly installments or a one-time initial payment of up to $5,000. A critical component of the program is a mandatory care needs assessment conducted by area agencies on aging to determine the applicant's specific long-term care requirements. These agencies will also provide comprehensive counseling to applicants, including guidance on loan terms, potential impacts on government benefits, care service options, and estate planning. The bill requires independent counseling from HUD-approved agencies and mandates that the mortgage agency issue an annual report to state leadership detailing program performance, loan statistics, and potential improvements. The overall goal is to help "house-rich and cash-poor" seniors maintain their independence and access necessary care services while staying in their homes.

Housing and Urban Affairs

https://www.nysenate.gov/legislation/bills/2025/A1111