A bill introduced in the New Jersey Senate would require face-to-face counseling for the state’s reverse mortgage transactions and would nullify any loans originated without proof of such counseling having taken place. The bill is currently awaiting deliberation in the state Senate’s commerce committee.

The bill, S2520, would also offer a seven-day right of rescission on any reverse mortgage transaction, allowing a borrower to cancel the loan within that window without a penalty.

Bill proposal, lawmaker concerns

The current version of the bill was introduced earlier this month by state Sen. Shirley Turner (D), who represents New details ⇒

BusinessMediaguide.Com portal received this content from this noted web source: HousingWire.Com