Establishes a reverse mortgage loan program for seniors to help them pay for long-term care.
New York A01111 establishes a reverse mortgage loan program for seniors, allowing them to use their home equity for long-term care. The program requires a care needs assessment, independent counseling, and area agencies on aging to provide counseling and assistance. Loans are limited to 80% of the home's value, with terms set by the agency. The program aims to reduce the burden on state and local Medicaid budgets.
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