The New York State Department of Financial Services has finalized new reverse mortgage regulations in the Empire State. They are in response to a new law that targets deceptive practices.
Reverse Mortgage Daily reports the new regulations require “reverse mortgage lenders to provide supplemental consumer protection materials while imposing additional restrictions on lenders related to their payment of insurance premiums and property taxes.”
The new regulations also mandate that “both lenders and borrowers be represented by an attorney at the time of closing, and at least one attorney must be present to conduct the closing itself. The bill was passed in the state legislature in the summer of 2019, and [NY Gov.] Andrew Cuomo signed it into law in December.”
Read more about the NY reverse mortgage regulations.