{"id":62408,"date":"2026-02-28T14:16:54","date_gmt":"2026-02-28T13:16:54","guid":{"rendered":"https:\/\/housesmarketplace.com\/new-jersey-reverse-mortgage-counseling-bill-would-have-chilling-effect-on-senior-home-equity-use-nrmla-says\/"},"modified":"2026-02-28T14:16:54","modified_gmt":"2026-02-28T13:16:54","slug":"new-jersey-reverse-mortgage-counseling-bill-would-have-chilling-effect-on-senior-home-equity-use-nrmla-says","status":"publish","type":"post","link":"https:\/\/housesmarketplace.com\/ru\/new-jersey-reverse-mortgage-counseling-bill-would-have-chilling-effect-on-senior-home-equity-use-nrmla-says\/","title":{"rendered":"New Jersey reverse mortgage counseling bill would have \u2018chilling effect\u2019 on senior home equity use, NRMLA says"},"content":{"rendered":"
\n

The \u041d\u0430\u0446\u0438\u043e\u043d\u0430\u043b\u044c\u043d\u0430\u044f \u0430\u0441\u0441\u043e\u0446\u0438\u0430\u0446\u0438\u044f \u043a\u0440\u0435\u0434\u0438\u0442\u043e\u0440\u043e\u0432 \u043e\u0431\u0440\u0430\u0442\u043d\u043e\u0439 \u0438\u043f\u043e\u0442\u0435\u043a\u0438<\/strong> (\u041d\u0420\u041c\u041b\u0410<\/a>) this week sent a letter to a New Jersey lawmaker, stating its opposition to a legislative proposal tied to reverse mortgage counseling requirements in the Garden State.<\/p>\n

The letter is addressed to state Sen. Shirley Turner (D), the sponsor of New Jersey Senate Bill 264<\/a>, which creates \u201cpre-loan counseling requirements and borrower rights of recission for reverse mortgage loans.\u201d<\/p>\n

\u041f\u0440\u0435\u0437\u0438\u0434\u0435\u043d\u0442 NRMLA \u0421\u0442\u0438\u0432 \u0418\u0440\u0432\u0438\u043d<\/a>, who signed the \u043f\u0438\u0441\u044c\u043c\u043e<\/a>, said that while the trade association \u201cfully supports seniors receiving counseling before obtaining a reverse mortgage,\u201d it opposes the bill as currently drafted for multiple reasons.<\/p>\n

The group believes that proposed requirements for reverse mortgage counseling<\/a> agencies to be physically located in the state, and for their services to be conducted in person, will create a \u201csevere and unnecessary chilling effect on seniors\u2019 ability to obtain a reverse mortgage in \u041d\u044c\u044e-\u0414\u0436\u0435\u0440\u0441\u0438<\/a>\u00bb.<\/p>\n

\u0416\u0438\u043b\u044c\u0435\u041f\u0440\u043e\u0432\u043e\u043b\u043e\u043a\u0430<\/strong>\u2018s Reverse Mortgage Daily reached out to Turner\u2019s office for further information on the bill but did not receive an immediate response.<\/p>\n

NRMLA also opposes the bill\u2019s plan to create a seven-day recission<\/a> period after the closing of a Home Equity Conversion Mortgage (HECM). Irwin wrote that this rule would create \u201ca needless and burdensome extension beyond the 3-day rescission period already mandated for reverse mortgages under federal law.\u201d<\/p>\n

He went on to say that HECM is the \u201cmost prevalent reverse mortgage program\u201d in the U.S. and New Jersey, and HUD rules already limit how lenders receive and process applications prior to the borrower completing the mandatory counseling requirement<\/a>. Companies must provide potential HECM borrowers with a list of HUD-approved counseling agencies. <\/p>\n

The in-person counseling requirements included in the bill also would run afoul of federal statutes.<\/p>\n

\u201cPursuant to FHA\u2019s requirements, HUD-approved national intermediaries and HUD-approved agencies that provide reverse mortgage counseling services over the phone must always be included on the list,\u201d the letter explained. <\/p>\n

NRMLA said it appears that only two counseling agencies located in New Jersey are HUD-approved providers today. This violates HUD rules requiring at least five agencies within \u201cthe local area and\/or state of the prospective applicant.\u201d<\/p>\n

Additionally, the trade group argued that seniors should be allowed to choose whether to do the counseling in person or over the phone. The bill would \u201cdeny consumers\u2019 choices and rights\u201d and potentially harm those with a special need, such as a disability or language barrier<\/a>.<\/p>\n

\u201cWe firmly believe that SB 264, as currently drafted, will have the unintended consequence of decreasing the availability of reverse mortgage counseling while simultaneously imposing unnecessary hardships on New Jersey seniors seeking a reverse mortgage loan,\u201d Irwin wrote. \u201cThis may potentially result in seniors being denied access to credit<\/a> and a critical economic \u2018lifeline\u2019 in their time of need.\u201d<\/p>\n

NRMLA recently took a stance on another piece of legislation in New Jersey<\/a> involving mortgage repayment rules. It said the bill at hand, Senate Bill 4970<\/a>, would misalign reverse mortgage structures with a requirement that all second-lien mortgages be repaid in \u201csubstantially equal\u201d installments over equal periods. Reverse mortgages allow seniors to convert their home equity into cash without making monthly payments.<\/p>\n<\/div>","protected":false},"excerpt":{"rendered":"

The National Reverse Mortgage Lenders Association (NRMLA) this week sent a letter to a New Jersey lawmaker, stating its opposition to a legislative proposal tied to reverse mortgage counseling requirements in the Garden State. The letter is addressed to state Sen. Shirley Turner (D), the sponsor of New Jersey Senate Bill 264, which creates \u201cpre-loan […]<\/p>","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-62408","post","type-post","status-publish","format-standard","hentry","category-uncategorized"],"yoast_head":"\nNew Jersey reverse mortgage counseling bill would have \u2018chilling effect\u2019 on senior home equity use, NRMLA says - Houses Marketplace<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/housesmarketplace.com\/ru\/new-jersey-reverse-mortgage-counseling-bill-would-have-chilling-effect-on-senior-home-equity-use-nrmla-says\/\" \/>\n<meta property=\"og:locale\" content=\"ru_RU\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"New Jersey reverse mortgage counseling bill would have \u2018chilling effect\u2019 on senior home equity use, NRMLA says\" \/>\n<meta property=\"og:description\" content=\"The National Reverse Mortgage Lenders Association (NRMLA) this week sent a letter to a New Jersey lawmaker, stating its opposition to a legislative proposal tied to reverse mortgage counseling requirements in the Garden State. 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