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 loan payments be made in equal amounts and regular intervals. It directly affects reverse mortgage borrowers in New Jersey by allowing flexibility in payment schedules, such as reduced or skipped payments during periods of lower income. The key provision amends existing law (P.L.2009, c.53) to remove the "substantially equal payment periods" rule specifically for reverse mortgages, while maintaining other standard requirements like the borrower notice. Current law mandates equal installment payments for most secondary mortgages, but this exemption applies only to reverse mortgages as defined by federal law.