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 a requirement that secondary mortgage payments be made in substantially equal amounts and periods. It specifically removes the current law mandate that secondary mortgages follow a schedule of equal payments (with limited exceptions), applying this exemption only to reverse mortgages. The change directly affects borrowers who take out reverse mortgages in New Jersey, allowing lenders more flexibility in structuring repayment terms. The bill amends existing mortgage law to clarify that reverse mortgage agreements are not subject to the standard equal-payment rules. This is a procedural change to mortgage regulations, not a new benefit or requirement.