Exempts reverse mortgage transaction from requirement that secondary mortgage loan payments be made in equal amounts and payment periods.
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Progress
Where this bill stands in the legislative process.
- Introduced
- Passed General Assembly
- Passed Senate
- To Governor
- Became Law
Overview
This bill would change the rules for reverse mortgages in New Jersey. Currently, secondary mortgage loans associated with reverse mortgages must have payments made in equal amounts and on a regular schedule. This legislation would remove that requirement, allowing for more flexibility in how these loans are managed and paid. It aims to simplify the process for homeowners utilizing reverse mortgages.
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1 on record
Primary sponsor
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