Legislature passes bill to allow senior coop owners to apply for reverse mortgage loans

Lawmakers passed legislation last week to allow seniors living in cooperative apartment buildings to apply for a reverse mortgage, which is a type of loan available to homeowners that transfers built-up home equity into cash.

The legislation, which was sponsored by Assemblyman Jeffrey Dinowitz and Senator Alessandra Biaggi, is supported by the National Association of Housing Cooperatives as well as the Council of New York Cooperatives and Condominiums, and comes amid nearly two decades of unsuccessful efforts lobbying the US Department of Housing and Urban Development to allow seniors in cooperative apartments access to this type of loan.

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