ASSEMBLY HOUSING COMMITTEE

STATEMENT TO

SENATE, No. 1420

STATE OF NEW JERSEY

DATED:  OCTOBER 5, 2026

      The Assembly Housing Committee reports favorably Senate Bill No. 1420.

      As reported, 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.

      As reported by the committee, Senate Bill No. 1420 is identical to Assembly Bill No. 5389, which was also reported by the committee on this date.