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NJ A6291

Bill

Official Source

Status

Introduced

12/18/2025

Primary Sponsor

Sterley Stanley

Click for details

Origin

General Assembly

2024-2025 Regular Session

AI Summary

  • Exempts reverse mortgage transactions from the existing requirement that secondary mortgage loans be repaid in substantially equal installment amounts and payment periods
  • Current New Jersey law requires secondary mortgages to have payments of substantially equal length and amount, with limited exceptions for borrowers with intermittent income
  • Reverse mortgages, as defined by federal law (15 U.S.C. s.1602), would no longer need to comply with this equal payment structure requirement
  • Takes effect immediately upon enactment

Legislative Description

Exempts reverse mortgage transaction from requirement that secondary mortgage loan payments be made in equal amounts and payment periods.

Financial Institutions and Insurance

Last Action

Introduced, Referred to Assembly Financial Institutions and Insurance Committee

12/18/2025

Committee Referrals

Financial Institutions and Insurance12/18/2025

Full Bill Text

No bill text available