S 1420·NJ·senate
Exempts reverse mortgage transaction from requirement that secondary mortgage loan payments be made in equal amounts and payment periods.
Reported by CommitteeFiled Jan 13, 2026
Sponsor: Joe Lagana (D)
Latest Action
Reported out of committee Second Reading Assembly
Oct 5, 2026
Summary
The bill changes New Jersey law so that reverse‑mortgage loans are not required to follow the equal‑installment schedule that applies to other secondary mortgages. It applies only to reverse mortgages as defined by federal law. The change gives borrowers using reverse mortgages more flexibility in how and when they repay the loan.
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