Establishes pre-loan counseling requirements and borrower rights of recission for reverse mortgage loans.
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Progress
Where this bill stands in the legislative process.
- Introduced
- Passed Senate
- Passed General Assembly
- To Governor
- Became Law
Overview
This bill establishes requirements for pre-loan counseling and a borrower’s right to rescind reverse mortgage loans in New Jersey. Lenders must provide borrowers with a checklist outlining key considerations, including potential impacts on medical expenses, alternative financing options, and estate planning. The bill also mandates that lenders provide contact information for at least five approved counseling agencies that do not receive compensation from the lender. Finally, it grants borrowers a seven-day right to cancel the loan after accepting a loan commitment.
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