There is a newer version
of
this Section
2018 New Jersey Revised Statutes
Title 46 - PROPERTY
Chapter 10B
Section 46:10B-17 - Definitions
Universal Citation: NJ Rev Stat § 46:10B-17 (2018)
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.
Disclaimer: These codes may not be the most recent version. New Jersey may have more current or accurate information. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the state site. Please check official sources.
This site is protected by reCAPTCHA and the Google
Privacy Policy and
Terms of Service apply.
