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 payment periods. The change affects lenders, brokers, and servicers handling reverse mortgages, permitting payment schedules that reflect the reverse-payment structure (e.g., lump-sum advances, lines of credit, tenure draws) rather than standard amortized installment terms.