By Linda Prevost | The New York Times
A long-awaited regulatory change that would open up the federal government’s reverse mortgage program to co-ops is unlikely to happen, presenting a problem for older New Yorkers.
“There is a huge class of older owners who have enormous equity in their apartments who would like to use some of that” for medical bills, building maintenance and other expenses, said Arthur I. Weinstein, a Manhattan lawyer and a vice president of the Council of New York Cooperatives and Condominiums, which represents about 2,300 co-ops and condos.
