I am thinking about holding the mortgage on the sale of my home in Northern NJ.

Personal off board contact is not allowed. Some members may be attorneys in their specific state but they merely answer here as an individual and not professionally.

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The only reason you would hold your own mortgage is that the person buying it has such poor credit that they can not get a loan, and/or they have little or no down payment.

What precautions do you have in place if they stop paying in 7 or 8 months ? Do you know the rules and laws on foreclosure ? If you go into the home in two years and the carport is ruined, there are holes in the walls and the cental air unit is missing, do you have enough down payment money to equal it all out.