New York § 6-H Reverse mortgage loans authorized

New York Statutes

§ 6-H — Reverse mortgage loans authorized

New York § 6-H

Law BNKBanking

Art. 1Short Title; Definitions; Miscellaneous Provisions

This text of New York § 6-H (Reverse mortgage loans authorized) is published on Counsel Stack Legal Research, covering New York primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

N.Y. Banking § 6-H (2026).

Text

  § 6-h. Reverse mortgage loans authorized. Notwithstanding any\ninconsistent provision of law, in addition to any other power exercised\nby it, every authorized lender, as defined by section two hundred eighty\nor two hundred eighty-a of the real property law, shall have the power\nto offer reverse mortgage loans (1) which conform to the provisions of\nsection two hundred eighty or two hundred eighty-a of the real property\nlaw and the rules and regulations promulgated by the superintendent of\nfinancial services; or (2) which conform to the requirements of the\nfederal housing administration's home equity conversion mortgage\ninsurance demonstration program for as long as such program exists as\nprovided for in section 1715Z-20 of title 12 of the United States Code.\n"Reverse mortgage" s

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§ 6-h. Reverse mortgage loans authorized. Notwithstanding any\ninconsistent provision of law, in addition to any other power exercised\nby it, every authorized lender, as defined by section two hundred eighty\nor two hundred eighty-a of the real property law, shall have the power\nto offer reverse mortgage loans (1) which conform to the provisions of\nsection two hundred eighty or two hundred eighty-a of the real property\nlaw and the rules and regulations promulgated by the superintendent of\nfinancial services; or (2) which conform to the requirements of the\nfederal housing administration's home equity conversion mortgage\ninsurance demonstration program for as long as such program exists as\nprovided for in section 1715Z-20 of title 12 of the United States Code.\n"Reverse mortgage" shall mean the mortgage, deed of trust or other\nsecurity instrument relating to a particular reverse mortgage loan\ntransaction.\n The proceeds of a reverse mortgage shall not be considered as income\nfor the purposes of section four hundred sixty-seven of the real\nproperty tax law; provided, however, that monies used to repay a reverse\nmortgage may not be deducted from income, and provided additionally that\nany interest or dividends realized from the investment of reverse\nmortgage proceeds shall be considered income.\n