{"data":{"id":"us-ny/n.y.-banking-law-6-h","jurisdiction":"us-ny","citation":"N.Y. Banking Law § 6-h","heading":"Reverse mortgage loans authorized","body":"§ 6-h. Reverse mortgage loans authorized. Notwithstanding any\ninconsistent provision of law, in addition to any other power exercised\nby it, every authorized lender, as defined by section two hundred eighty\nor two hundred eighty-a of the real property law, shall have the power\nto offer reverse mortgage loans (1) which conform to the provisions of\nsection two hundred eighty or two hundred eighty-a of the real property\nlaw and the rules and regulations promulgated by the superintendent of\nfinancial services; or (2) which conform to the requirements of the\nfederal housing administration's home equity conversion mortgage\ninsurance demonstration program for as long as such program exists as\nprovided for in section 1715Z-20 of title 12 of the United States Code.\n\"Reverse mortgage\" shall mean the mortgage, deed of trust or other\nsecurity instrument relating to a particular reverse mortgage loan\ntransaction.\n  The proceeds of a reverse mortgage shall not be considered as income\nfor the purposes of section four hundred sixty-seven of the real\nproperty tax law; provided, however, that monies used to repay a reverse\nmortgage may not be deducted from income, and provided additionally that\nany interest or dividends realized from the investment of reverse\nmortgage proceeds shall be considered income.","path":["Banking Law","Article 1. Short Title; Definitions; Miscellaneous Provisions"],"source_url":"https://legislation.nysenate.gov/api/3/laws/BNK/6-H","current_through":"2026-09-11","vintage":"","retrieved_at":"2026-09-14T19:32:44Z","sha256":"7a1f01b4adc68812a27c9fca45de29836c87e68bda91387304898f81eee646af","source_id":"us-ny","stale":false,"prev":"us-ny/n.y.-banking-law-6-g","next":"us-ny/n.y.-banking-law-6-i"},"notice":"GroundRules: Original legal text. Not legal advice."}