In New Jersey, reverse mortgages:

• Can only be made to homeowners at least 60 years old;
  
• Can be for no more than 70% of the value of the property;
  
• Can be canceled at the option of the homeowner if the homeowner pays all principal and interest due up to date;
  
• Cannot include penalties for the borrower.

Subsequent Reverse Mortgages
A homeowner can enter into a second reverse mortgage with the same lender after the first mortgage has ended if:

• The value of the property has not decreased significantly during the first mortgage; and
  
• The loan is not more than 90% of the value of the unmortgaged portion of the property.