New Jersey § 46:10b-18
Full text of New Jersey New Jersey Statutes § 46:10b-18, with citation guidance and answers to common questions.
§ 46:10b-18.
Notwithstanding any law, rule, regulation, or opinion to the contrary, it shall be
lawful for any institution authorized in the State to make first lien loans secured
by a mortgage on real property to make reverse annuity mortgages and reverse direct
payment mortgages subject to the following conditions: a. Said mortgages shall be made to a mortgagor who is at least 60 years old; provided,
however, that the Commissioner of Banking may by regulation raise or lower the age
limit for eligibility. Such mortgages shall not be made in an amount to exceed 70% of the value of the
mortgaged property, or such amount as is established by the commissioner by regulation. b. Said mortgages shall be made voidable at the option of the mortgagor upon payment
of the principal and interest to date, with no penalty. c. Interest on said mortgages shall not exceed the usury rate.
Frequently Asked Questions About New Jersey § 46:10b-18
What does New Jersey Statutes § 46:10b-18 cover?
Section 46:10b-18 is part of the New Jersey Statutes, the codified statutory law of New Jersey. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite New Jersey § 46:10b-18?
A common citation format is "New Jersey Statutes § 46:10b-18" (New Jersey). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of New Jersey law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the New Jersey official source linked on this page or consult a licensed New Jersey attorney.
How does New Jersey § 46:10b-18 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in New Jersey can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in New Jersey.