New Jersey S2520 establishes pre-loan counseling requirements and a seven-day right of rescission for reverse mortgage loans.

New Jersey S2520 introduces pre-loan counseling requirements and a seven-day right of rescission for reverse mortgage loans. Lenders must provide borrowers with a written checklist of topics to discuss with a reverse mortgage counselor, including the impact of unexpected events on loan costs and alternative financial options. The lender must also provide the borrower with the names and contact information of at least five HUD-approved counseling agencies in New Jersey.

New Jersey S2520 establishes pre-loan counseling requirements and a seven-day right of rescission for reverse mortgage loans.

New Jersey S2520 introduces pre-loan counseling requirements and a seven-day right of rescission for reverse mortgage loans. Lenders must provide borrowers with a written checklist of topics to discuss with a reverse mortgage counselor, including the impact of unexpected events on loan costs and alternative financial options. The lender must also provide the borrower with the names and contact information of at least five HUD-approved counseling agencies in New Jersey.