2015 New York Laws
BNK - Banking
Article 1 - (Banking) 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  superintendent  of
  financial  services;  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.