Section 252 Affidavit (Reverse Mortgage) (New York)

The Section 252 Affidavit (Reverse Mortgage) template is a legal document designed specifically for those seeking information or assistance pertaining to reverse mortgages in the state of New York, United States. This template serves as a standardized form that outlines the necessary information, statements, and qualifications required by the state law when applying for a reverse mortgage. It aims to facilitate the legal process and ensure compliance with regulations governing these types of mortgage agreements.

The affidavit covers various essential aspects related to reverse mortgages, including the borrower's residential status, age, income, property details, and debts. It may also detail any relevant financial counseling or education received by the borrower and confirm their understanding of the terms and conditions associated with the reverse mortgage.

By providing a comprehensive and standardized template, the Section 252 Affidavit (Reverse Mortgage) aims to simplify and streamline the application process for those considering or applying for a reverse mortgage in New York. It helps borrowers and relevant institutions (such as lenders, mortgage brokers, or courts) to collect and organize the necessary information accurately, ensuring legal compliance and safeguarding the interests of all parties involved.