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S1420 • 2026

Exempts reverse mortgage transaction from requirement that secondary mortgage loan payments be made in equal amounts and payment periods.

Exempts reverse mortgage transaction from requirement that secondary mortgage loan payments be made in equal amounts and payment periods.

Housing
Passed Legislature

This bill passed both chambers and reached final enrollment, even if later executive action is not shown here.

Sponsor
Lagana, Joseph A.
Last action
2026-05-28
Official status
Received in the Assembly, Referred to Assembly Housing Committee
Effective date
Not listed

Plain English Breakdown

Using official source text because the generated explanation was unavailable or could not be confirmed against the official bill text.

Exempts reverse mortgage transaction from requirement that secondary mortgage loan payments be made in equal amounts and payment periods.

Exempts reverse mortgage transaction from requirement that secondary mortgage loan payments be made in equal amounts and payment periods.

What This Bill Does

  • Exempts reverse mortgage transaction from requirement that secondary mortgage loan payments be made in equal amounts and payment periods.
  • Topic: Housing Fiscal note: This bill has not been certified by OLS for a fiscal note.

Limits and Unknowns

  • This entry is temporarily using official source text because the generated explanation could not be confirmed against the official bill text during the last sync.

Bill History

  1. 2026-05-28 New Jersey Legislature

    Passed by the Senate (35-0)

  2. 2026-05-28 New Jersey Legislature

    Received in the Assembly, Referred to Assembly Housing Committee

  3. 2026-05-18 New Jersey Legislature

    Reported from Senate Committee, 2nd Reading

  4. 2026-01-13 New Jersey Legislature

    Introduced in the Senate, Referred to Senate Commerce Committee

Official Summary Text

Exempts reverse mortgage transaction from requirement that secondary mortgage loan payments be made in equal amounts and payment periods.
Topic:
Housing
Fiscal note:
This bill has not been certified by OLS for a fiscal note.

Current Bill Text

Read the full stored bill text 
S1420 SCM Statement 5/18/26

SENATE COMMERCE COMMITTEE

STATEMENT TO

SENATE, No.
1420

STATE
OF NEW JERSEY

DATED:
�MAY 18,
2026

����� The Senate Commerce Committee reports favorably Senate
Bill No. 1420.

����� This
bill exempts reverse mortgage transactions from the requirement that secondary
mortgage loan payments be made in equal amounts and payment periods.� Current
law requires that second mortgages to be paid in installments that are
substantially the same length of time and substantially equal in payment
amount.� This bill exempts reverse mortgage transactions from this requirement.

�����
This
bill was prefiled for introduction in the 2026-2027 session pending technical
review.� As reported, the bill includes the changes required by technical
review, which has been performed.