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In addition to Federal laws regulating reverse mortgage loans, 24 states plus the District of Columbia have their own regulations in the form of laws that govern how these loans are handled within that state. Many state-level regulations mirror those of the Federal government for federally backed home equity conversion […]

While reverse mortgages have been available to homeowners since 1961, the loans have been off-limits to housing cooperative (aka “co-op”) residents. Reverse mortgages allow older homeowners to borrow against their home equity, but there are strict requirements for both borrowers and properties.  Until now, homeowners in New York could get […]

Reverse mortgages backed by the Federal Housing Administration (FHA), otherwise known as home equity conversion mortgages (HECMs), account for almost all reverse mortgages in the United States, according to the National Reverse Mortgage Lenders Association. In 2021, more borrowers entered into reverse mortgages—49,207—than the year before. However, other ways to […]