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

This bill exempts reverse mortgage transactions from New Jersey's requirement that secondary mortgage payments be made in equal amounts and regular intervals. It amends existing law (P.L.2009, c.53) to specifically exclude reverse mortgages from the rule mandating substantially equal payment periods and amounts for secondary loans. The change directly affects reverse mortgage borrowers in New Jersey by allowing flexible payment schedules tailored to their income, rather than requiring fixed installments. The bill removes this specific payment structure requirement solely for reverse mortgage transactions.