Dinowitz, Biaggi Ensure Co-op Shareholders Can Access Reverse Mortgages
If at first you don’t succeed, try, try again. So goes the maxim for perseverance, a trait which describes the now successful, multi-year efforts of legislators to grant cooperative housing shareholders the same access to reverse mortgages as other homeowners. On, Wednesday, Dec 1, Gov. Kathy Hochul signed legislation (S760/A1508), sponsored by Bronx Assemblyman Jeffrey Dinowitz (A.D. 81) and State Sen. Alessandra Biaggi (S.D. 34) who represents parts of the Bronx and Westchester county, into law. The bill was strongly supported by advocates for cooperative housing in New York and now allows cooperative housing shareholders to obtain reverse mortgages
