NRMLA submitted a letter to New Jersey State Senator Shirley K. Turner requesting revisions to a reverse mortgage counseling bill (Senate Bill 264) that she recently introduced.
NRMLA also coordinated a letter writing campaign with our New Jersey members to help ensure the bill doesn’t get passed in its current form.
Go deeper: As drafted, SB 264 requires reverse mortgage counseling be provided by a counseling agency domiciled in New Jersey and conducted in-person. Furthermore, the bill requires a 7-day rescission period beyond the 3-day rescission period already mandated for reverse mortgages under federal law.
In its letter, NRMLA pointed out that there are only two counseling agencies based in New Jersey that are approved by the Department of Housing and Urban Development to offer reverse mortgage counseling.
What they’re saying: “Maintaining a New Jersey senior’s ability to engage in telephonic counseling, if they choose to do so, is critically important, particularly if the potential consumer has special needs, such as lack of mobility or speaks a foreign language,” says NRMLA.
- To read a copy of the letter, login to NRMLAonline.org.
