2010 New York Code
BNK - Banking
Article 1 - (1 - 9-U) SHORT TITLE; DEFINITIONS; MISCELLANEOUS PROVISIONS.
6-H - Reverse mortgage loans authorized.

§ 6-h.   Reverse   mortgage   loans  authorized.  Notwithstanding  any
  inconsistent provision of law, in addition to any other power  exercised
  by it, every authorized lender, as defined by section two hundred eighty
  or  two  hundred eighty-a of the real property law, shall have the power
  to offer reverse mortgage loans (1) which conform to the  provisions  of
  section  two hundred eighty or two hundred eighty-a of the real property
  law and the rules and regulations promulgated by the banking  board;  or
  (2)   which   conform   to  the  requirements  of  the  federal  housing
  administration's home equity conversion mortgage insurance demonstration
  program for as long as such program exists as provided  for  in  section
  1715Z-20 of title 12 of the United States Code. "Reverse mortgage" shall
  mean  the  mortgage, deed of trust or other security instrument relating
  to a particular reverse mortgage loan transaction.
    The proceeds of a reverse mortgage shall not be considered  as  income
  for  the  purposes  of  section  four  hundred  sixty-seven  of the real
  property tax law; provided, however, that monies used to repay a reverse
  mortgage may not be deducted from income, and provided additionally that
  any interest or  dividends  realized  from  the  investment  of  reverse
  mortgage proceeds shall be considered income.