A bill introduced in January to the New York state Senate is seeking to bolster the disclosures that reverse mortgage lenders make to potential clients in an effort to broaden their understanding of the product, as well as the obligations that a borrower assumes when engaging with the industry. This is according to the text of the bill reviewed by HousingWire’s Reverse Mortgage Daily (RMD).

Sen. Leroy Comrie (D) introduced the bill, S2559, on Jan. 21. It seeks to establish a state-level “information summary” for the Federal Housing Administration details ⇒

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