New Jersey S264 establishes pre-loan counseling requirements and borrower rights of rescission for reverse mortgage loans.

New Jersey S264 mandates that lenders provide borrowers with a written checklist of issues to discuss with a reverse mortgage counselor before accepting a final application or assessing fees. The checklist includes topics such as the impact of unexpected events on the loan cost, alternative financing options, and the consequences of using loan proceeds to purchase financial products. Lenders must also provide borrowers with the contact information of at least five HUD-approved counseling agencies in New Jersey.

New Jersey S264 establishes pre-loan counseling requirements and borrower rights of rescission for reverse mortgage loans.

New Jersey S264 mandates that lenders provide borrowers with a written checklist of issues to discuss with a reverse mortgage counselor before accepting a final application or assessing fees. The checklist includes topics such as the impact of unexpected events on the loan cost, alternative financing options, and the consequences of using loan proceeds to purchase financial products. Lenders must also provide borrowers with the contact information of at least five HUD-approved counseling agencies in New Jersey.