Dinowitz Bill Allowing Seniors in Co-Ops Access to Home Equity Loans Passed by Legislature
The State Assembly and State Senate have passed legislation (A1508) to allow seniors living in cooperative apartment buildings to apply for “reverse mortgages,” a type of loan currently available to homeowners that transfers built-up home equity into cash. Assemblyman Jeffrey Dinowitz (A.D. 81), who was one of the legislators to introduce the bill, announced the news on Friday, June 11, as the Legislature broke for the summer recess. According to bankrate.com, a home equity loan is a lump-sum loan that’s secured by home equity. Quickloans.com defines equity as the difference between what a person owes on their mortgage and
