Older homeowners could name someone to receive late-payment notices

A financial institution holding a senior citizen’s mortgage must send a chosen third party notices when a payment is late. This applies to New Jersey residents age 65 or older whose mortgage is held by a state or federally chartered bank, savings bank, savings and loan association, mortgage company, or credit union. The designation must be written, signed by both people, and notarized. The notice may include how long the payment is late, interest, penalties, and steps to catch up. The senior citizen also receives a copy. The third party has no authority over the person’s accounts or transactions unless the written designation says otherwise. The institution must send the first notice when payment is due and a second notice the day after the mortgage’s grace period ends.

Municipal tax collectors must send a chosen third party notices when a property owner age 65 or older misses a quarterly property tax payment. This applies to property owners age 65 or older. The designation must be written and signed by both people in the presence of the tax collector. A municipality may charge a one-time fee of up to $10 for the notices. The notice may include how long the payment is late, interest, and steps to catch up. The property owner also receives each notice. The tax collector must send the first notice when the quarterly payment is due and a second notice if it remains unpaid 10 days later.