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Thursday, June 21, 2012

CHARLES CAMERON, ET AL. VS. ROY B. EWING A-3628-10T2


CHARLES CAMERON, ET AL. VS. ROY B. EWING
 A-3628-10T2

In this appeal, we address the novel issue whether the
stream of payments due a homeowner under a home equity
conversion mortgage, also known as a reverse mortgage, is
subject to execution and garnishment for the benefit of judgment
creditors of the homeowner.  We conclude the mortgagee's
obligation to make monthly payments to defendant, the judgment
debtor, is properly construed to be a "debt" against which
plaintiffs, the judgment creditors, may obtain an order
directing execution and garnishment under N.J.S.A. 2A:17-50 and
-63 and Rule 4:59-1(c).  We also find the reverse mortgage
payments are "rights and credits" subject to an order for
installment payments by the judgment debtor.  N.J.S.A. 2A:17-64. 
We remand for the court to determine the percentage of the
reverse mortgage payments properly subject to execution. 
N.J.S.A. 2A:17-56. 03-08-12