New York Opens Significant New Lending Market by Authorizing Reverse Mortgages Secured by Co-Op Apartments
By EsqSocial Corporation 06/12/21
The law does not take effect until mid-2022 and is subject to regulations to be promulgated by the New York Department of Financial Services. On December 1, 2021, New York Governor Kathy Hochul signed into law a bill (New York A01508/S00760) authorizing lenders to make reverse mortgages secured by ownership of a New York cooperative apartment....
By: Locke Lord LLP