Reverse Mortgage Update: New York Law Mandates New Foreclosure Notices and Certificate of Merit

May 18, 2018

by: Greg Sachnik and Cathy Welker

New York has signed into law an amendment redefining a reverse mortgage as a “home loan.” With this amendment, statutory pre-foreclosure ninety day notices (RPAPL 1304) and a “certificate of merit” (CPLR 3012-b) will be required in all New York reverse mortgage foreclosures. Additionally, New York’s foreclosure settlement conference law (CPLR 3408) now incorporates by reference the new “home loan” definition.

The legislation was

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