New Jersey Statutes 46:10B-15. Option to convert to conventional level payment mortgage
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Terms Used In New Jersey Statutes 46:10B-15
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
- Mortgagor: The person who pledges property to a creditor as collateral for a loan and who receives the money.
At any time during the life of the graduated payment mortgage the mortgagor shall have the option without penalty to convert to a conventional level payment mortgage.
L.1979, c. 139, s. 4, eff. July 6, 1979.