46:10B-17 - Definitions - New Jersey Statutes

46:10B-17.  Definitions
    As used in this act:

     "Reverse annuity mortgage"  means a mortgage loan secured by unencumbered residential property of the mortgagor which loan is used by the mortgagee to purchase annuities for the benefit of the mortgagor.

     "Reverse direct payment mortgage"  means a mortgage loan secured by unencumbered residential property of the mortgagor, which loan is paid directly  to the mortgagor in fixed amounts over the term of the mortgage not to exceed  10 years, or such other term as may be established by the Commissioner of  Banking by regulation.

     L.1979, c. 140, s. 2, eff. July 6, 1979.