Establishes a New York state home equity conversion information summary for reverse mortgage loans.

The bill mandates the New York State Department of Financial Services to create and distribute a New York state home equity conversion information summary. This summary must include details about the costs, terms, and potential consequences of reverse mortgage loans. Authorized lenders must provide this summary to mortgagors at least five days before closing on a reverse mortgage loan. The summary is essential for the loan's validity; without it, the loan is void.

Establishes a New York state home equity conversion information summary for reverse mortgage loans.

The bill mandates the New York State Department of Financial Services to create and distribute a New York state home equity conversion information summary. This summary must include details about the costs, terms, and potential consequences of reverse mortgage loans. Authorized lenders must provide this summary to mortgagors at least five days before closing on a reverse mortgage loan. The summary is essential for the loan's validity; without it, the loan is void.