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New Jersey Statutes, Title: 46, PROPERTY

    Chapter 10b:

      Section: 46:10b-17: Definitions

           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.

L.1979, c. 140, s. 2, eff. July 6, 1979.



This section added to the Rutgers Database: 2012-09-26 13:37:54.






Older versions of 46:10b-17 (if available):



Court decisions that cite this statute: CLICK HERE.