The Daily News obtained records of loans made to several specialists, including a $1 million, no-interest mortgage in 2008 given to a Mount Sinai oncologist. The physician does not have to make a payment until he quits teaching at Mount Sinai or sells his condo. Any profit on the sale would belong to him. That no-mortgage deal saves the physician nearly $5,400 per month, according to the report.
A Mount Sinai cardiothoracic surgeon received a $1 million loan in 2008 as well. He bought a $4.8 million condo and records show he has made no payments on the loan, either in interest or principal, according to the report.
A spokesperson for Mount Sinai said the loan practices are legal as long as they are reported to the Internal Revenue Service and approved by Mount Sinai’s board. A mortgage and wealth advisor cited in the report and unaffiliated with Mount Sinai also said the loans weren’t “illegal or immoral” as long as they are paid back.
The Mount Sinai spokesperson also said the loan program is “an important recruitment and retention tool” given the high cost of housing in New York’s metropolitan area.
More Articles on Hospitals and Physicians:
Recruiting Physicians Still in Residency: 2 Necessities
Survey: Physicians Generally Dissatisfied With Their Pay
Survey: Physician Residents and Fellows Start Job Search Earlier
