Bank offers new seniors service.

NCB, FSB, a subsidiary of National Cooperative Bank (NCB) has recently expanded its line of loan products to include reverse mortgages for seniors living in cooperatives in New York City.

Reverse mortgages enable senior homeowners to convert part of the equity in their home into income or cash, without having to sell the home, give up title, or take on a new monthly mortgage payment.

Reverse mortgages are available to individuals 62 years or older, who own their home.

This loan option is tax-free, and can be received as a lump sum, monthly income, line of credit or combinations, for any variety of expenses.

This financing option can be taken in addition to a conventional mortgage, and does not affect any Social Security or Medicare programs.

Since reverse mortgages are non-recourse loans, a co-op homeowner can. never owe more than the value of the co-op regardless of the loan balance. In addition, reverse mortgages are a loan where the title remains in the name of the borrower, so only the balance of the loan needs to be repaid, and a homeowner never has to worry about a lender repossessing the property.

The loan is due and payable when the borrower sells, permanently leaves the home, or passes away (in the situation of a couple, this applies to the second person) and until these events take place co-op owners live in their home and make no payments to the lender.

"Homeowners, especially seniors, can face a host of unexpected expenses from capital improvements to medical costs," commented Andrew Hood, vce president of New York Residential Real Estate lending.

"For these residents with little to no income to depend on, the equity in their co-op can now be used to protect their quality of life. We're very pleased to offer this financing option. among others, to this growing community."