3 NYCRR Part 79 (Reverse Mortgages)
3 NYCRR Part 79
Part 79 governs reverse mortgage lending in New York, setting requirements for advertising restrictions (79.4), loan terms (79.5), permitted fees, costs and payments (79.8), maintenance of the secured property (79.6), prohibited conduct and penalties (79.11), and mandatory borrower disclosures and counseling (79.9). Section 79.9 requires a counseling session with a Department-approved housing counselor structured around a mandatory counseling checklist, and the rules provide a non-waivable 3-day cooling-off period after application plus a non-waivable 3-day right-to-cancel period after the commitment is signed so borrowers can reconsider before closing.
Who must comply
Other NYS DFS regulations
3 NYCRR Part 38 (Mortgage Disclosure & Advertising)
3 NYCRR Part 38
3 NYCRR Part 82 (Alternative Mortgage Instruments)
3 NYCRR Part 82
Banking Law § 6-l (High-Cost Home Loans)
N.Y. Banking Law § 6-l
Banking Law § 6-m (Subprime Home Loans)
N.Y. Banking Law § 6-m
Banking Law Art. 12-D (Mortgage Bankers & Brokers)
N.Y. Banking Law Article 12-D (§§ 589–599)
RPAPL § 1304 (90-Day Pre-Foreclosure Notice)
N.Y. Real Property Actions and Proceedings Law § 1304
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