The National Reverse Mortgage Lenders Association (NRMLA) has voiced formal support for New Jersey Senate Bill 4970 — urging lawmakers to advance legislation that would clarify how reverse mortgages are treated under the state’s secondary mortgage law.

In a letter sent to State Sen. Joseph Lagana, the association said the bill would exempt reverse mortgage transactions from a requirement that secondary mortgage loans be repaid in substantially equal installments over equal periods.

The letter was signed by NRMLA President Steve Irwin.

“We commend the sponsors for introducing this bill as it provides necessary clarity and common-sense regulatory relief that directly supports details ⇒

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