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

Summary

If enacted, this bill would exempt reverse mortgage transactions from New Jersey's requirement that secondary mortgage loan payments be made in equal amounts and equal periods. This would allow reverse mortgage lenders to offer payment structures beyond fixed amortization (e.g., lump sum, line of credit, or tenure payments) as permitted by federal HECM rules. The exemption applies to any reverse mortgage transaction, including Home Equity Conversion Mortgages (HECMs) under the FHA program.