Reverse mortgages are a type of home equity conversion plan. They are a means of using the equity a homeowner has built up in his/her home as a source of additional income. An authorized financial lending institution will provide cash loans (plus interest and fees) that will be charged against the home’s value.
In 1993, sections 280 and 280-a of New York’s Real Property Law were enacted to make reverse mortgage loans more widely available to older homeowners. These laws included provisions for Area Agencies on Aging (AAAs) to make certain documentations available to participating lending institutions within their respective planning and service areas. However, the responsibility for delivering these documents to applicants is placed on the lenders.
Participating lending institutions can obtain these documents below, or by contacting Seneca County Office for the Aging at 315-539-1765.