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New Jersey Statutes Title 46. Property 46 § 10B-17

Current as of January 01, 2024 | Updated by Findlaw Staff

As used in this act:

“Reverse annuity mortgage” means a mortgage loan secured by unencumbered residential property of the mortgagor which loan is used by the mortgagee to purchase annuities for the benefit of the mortgagor.

“Reverse direct payment mortgage” means a mortgage loan secured by unencumbered residential property of the mortgagor, which loan is paid directly to the mortgagor in fixed amounts over the term of the mortgage not to exceed 10 years, or such other term as may be established by the Commissioner of Banking by regulation.

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Cite this article: FindLaw.com - New Jersey Statutes Title 46. Property 46 § 10B-17 - last updated January 01, 2024 | https://codes.findlaw.com/nj/title-46-property/nj-st-sect-46-10b-17/

FindLaw Codes may not reflect the most recent version of the law in your jurisdiction. Please verify the status of the code you are researching with the state legislature before relying on it for your legal needs.

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