The Lowdown on Reverse Mortgages Rules and Restrictions

By Cooperator Staff 2005 Feb Finance

Borrower must be age 62 or older
No monthly payment is required
Must obtain co-op board approval in most cases
Proceeds can be used for any purpose
No financial reports, credit history or medical reports required
Loan can be disbursed in the form of a lump sum, line of credit or a monthly payment option
Loan must be paid back upon the death of the borrower, if the borrower moves out or sells the home
Loan amounts vary based on age of the borrower; interest rates and adjusted value of the property; and geographic location of the home.
Single borrowers and older applicants qualify for higher loan amounts
Remember that reverse mortgages are not for everyone
Certain mortgage restrictions are attached to government loans

Share Twitter Facebook Pinterest LinkedIn Tumblr Email

Reston, Virginia, USA- march 1, 2020: Freddie Mac office in Reston, Virginia, USA. Freddie Mac is a public government-sponsored enterprise (GSE).

Mortgage Rates Decrease to Lowest Level in Over a Year

Freddie Mac Releases New Survey

Midtown Co-op Residents Face 450% Monthly Fee Increase

Long-Term Ground Lease Triggers Chaos

Coin with arrows concept for funds transfer

Don't Bet on Flip Taxes

A Slower Market = Less Revenue for Buildings

News

11/13/2025 New York Condo Real Estate Attorney Peter Zinkovetsky Details Tax Benefits Of Owning A Condo In NYC - Open PR

New York condo real estate attorney Peter Zinkovetsky of Avenue Law Firm (https://www.avenuelawfirm.com/tax-benefits-of-owning-a-condo/) released new guidance outlining the key tax advantages available to condominium homeowners in New York City. The advisory highlights how condo owners can leverage the Cooperative and Condominium Tax Abatement, STAR program tiers, senior exemptions, green roof incentives, and targeted deductions under current federal and city rules. The overview explains eligibility requirements, deadlines, and documentation standards, giving condo buyers and unit owners a clear roadmap to maximize savings with the support of a New York condo real estate attorney.
Read full story

11/11/2025 EXCLUSIVE: Ozzy and Sharon Osbourne’s L.A. Condo Hits the Market for $2.4 Million—3 Months After Rocker’s Death - Realtor.com

Ozzy Osbourne's stunning West Hollywood, CA, condo has hit the market for $2.375 million, less than four months after the rock 'n' roll legend died in his native England.
Read full story

11/7/2025 NYC landlord sues developer of nearby condo for $2.8M due to damages that displaced tenants for 2.5 years - NY Post

Don’t call it a block party. Roughly three years before a lavish penthouse at 16 Fifth Ave. recently listed for a breathtaking $45 million, construction kicked off at the luxury condominium where it’s housed. During the time in between, the high-end development deeply rankled a group of locals who live down the block. Not only were they displaced for more than two years due to damages to their own building from the nearby work, but the condo’s developer paid only to put them up briefly in a hotel after they were forced to flee.
Read full story

11/5/2025 How A$AP Rocky’s $11M NYC Condo Allegedly Turned Into an ‘Uninhabitable’ Nightmare for Neighbors— Who Just Sued - The Root

Rapper A$AP Rocky was seemingly having the best week ever. He just received the coveted Fashion Icon Award at the 2025 CFDA Fashion Awards on Monday (Nov. 3), and his heartfelt comments for his partner Rihanna during his acceptance speech went viral. But his week turned sour after his New York City neighbor accused him of being less than neighborly… and causing massive damage to their unit.
Read full story

11/3/2025 An $85M NYC penthouse atop a former parking garage could set a new downtown price record - NY Post

The top of this century-old parking garage is looking for an $85 million buyer. The forthcoming penthouse pad sits atop 125 Perry St., Mansion Global reported. And if it sells for that sum, it could break the record for the most expensive ever sold in downtown Manhattan.
Read full story

10/27/2025 The tradition behind why so many NYC buildings are missing this floor - NY Post

Superstition may be irrational — but in New York City, it’s a bit of a tradition. Just ask Bravo titan Andy Cohen, who recently handed over the keys to his West Village duplex for $10.5 million.
Read full story

10/24/2025 Six UES Buildings Set for Demolition as Chinese Mega-Developer Plans New Luxury Condo - East Side Feed

Chinese real estate developer Zhang Xin is expanding her U.S. portfolio with plans for a new luxury condominium development on the Upper East Side.
Read full story

10/21/2025 Billionaires' Row skyscraper where J-Lo and A-Rod lived is covered in CRACKS and could be abandoned after developers insisted on white concrete facade - Daily Mail

Its bizarre proportions rise unnervingly for 102 floors above New York City's toniest streets. And now building safety experts say there is good reason to be unsettled by 432 Park Avenue, a super-tall but ultra-skinny condo tower filled with 125 apartments on Manhattan's 'Billionaires' Row.'
Read full story

10/17/2025 How Do New York City Property Taxes Work in Condos and Co-Ops? - Mansion Global

Every week, Mansion Global poses a tax question to real estate tax attorneys. Here is this week’s question. Q. I'm new to New York City. How do property taxes work in condos and co-ops, as opposed to a standalone house elsewhere in the country?
Read full story

10/14/2025 An iconic NYC landmark is becoming an apartment building — with records revealing luxury perks - NY Post

The Flatiron Building is certainly one of New York City’s most recognizable landmarks — but information regarding its highly anticipated condominium conversion has been kept far from the public eye. Now, however, some details on the hush-hush development are coming to light.
Read full story

10/7/2025 Explosion causes collapse at NYCHA Bronx apartment building - ABC News

There were no reports of injuries after an explosion in the Bronx caused a partial collapse of a high-rise apartment building on Wednesday morning. It happened at NYCHA's Mitchel Houses on Alexander Avenue in the Mott Haven section just after 8 a.m.
Read full story

10/6/2025 Manhattan’s luxury housing market is booming and bucking national trends — but for how long? - New York Post

While luxury housing markets from Dallas to Miami are struggling to keep pace, Manhattan’s high-end sector is one of the few bright spots. Sales of the borough’s priciest homes surged in the third quarter, even as nationwide numbers slid to their weakest summer in more than a decade. Yet a slowdown in the month of September — and the looming uncertainty of New York’s mayoral race — suggests the city’s luxury surge may not be on unshakable ground.
Read full story

10/3/2025 Flatiron Building condos will have enormous great rooms, unique layouts, and prices from $10.95M - 6sqft

More details have been revealed for one of New York City’s most anticipated new developments. The Flatiron Building at 175 Fifth Avenue is being converted to condominiums after over a century as a commercial property. With the offering plan officially accepted by the New York State Attorney General’s office last month, new information on prices, floor plans, and amenity spaces is now public. In the offering, apartments at the 22-story landmarked Beaux-Arts tower start at $10,950,000 for a three-bedroom, with the most expensive listed at $50 million for a five-bedroom.
Read full story

9/30/2025 $19.75 Million Central Park Condo in World’s Skinniest Skyscraper Tops NYC Luxury Sales - Realtor.com

The top residential sale in Manhattan last week is in the world's skinniest skyscraper, The Steinway Tower on Billionaires Row.
Read full story

9/29/2025 Entertainment lawyer for Madonna, Live Nation lists Plaza condo for $48M - Crain's

An entertainment lawyer who has worked with Madonna, Michael Bolton and Men at Work is looking to hit a high note in selling his Plaza District apartment.
Read full story

9/25/2025 Can condo conversions be a good pathway to homeownership? - New York Amsterdam News

In New York City, buying a home is a daunting process. There are down payments, negotiations, inspections, unexpected fees, closing costs, and much more, and that’s in the midst of simply trying to find a home in one of the most expensive housing regions in the world. But condominium conversions have emerged as an option for renters that could be a promising solution to maintaining affordable housing stock in the midst of a housing crisis.
Read full story

9/22/2025 Every condo at this former Central NY school comes with a perk: a $200K state subsidy - Syracuse.com

The 21 brand new condominiums that just went up for sale at the former St. Matthew’s School in East Syracuse come with unusually low prices — from $136,433 to $164,688.
Read full story

9/15/2025 The New York neighborhoods with the smallest (& largest) condos - AOL

While NYC condos have a median size of 921 square feet, at the neighborhood level, median sizes range between 631 and 2,045 square feet.
Read full story

9/11/2025 Elad Group details condo conversion plans for Midtown South office building - New York Business Journal

A century-old structure in the heart of New York City is getting a new lease on life, as plans emerge to convert its office spaces into more than 100 condominiums.
Read full story

9/9/2025 $22 Million New York City Condo Tops Most Expensive Sale of the Week and It Comes With Daily Catered Breakfast - Realtor.com

Luxury can bring along perks, and the most expensive condominium sold in New York City for the week ending Sept. 7 comes with daily catered breakfast. The condo at 111 West 57th Street was listed for $22 million, reduced from the original $27.5 million price tag when the building started marketing floor plans in June 2016, according to the Olshan Luxury Market Report.
Read full story

Show more news

Recent Articles

Replacing Intercom Systems

Swift Response Restores Gas Service at 140 Claremont Avenue After Leak Report

Q&A: A Posthumous Stock Change

Q&A: No Quorum

Q&A: Renting Requirements