That's odd, would sound like the uplink to your home network is N only however I see noything stating that in the documentation. It does say it is b/g/n compatible but doesn't say if that is for connecting from/to or both
After you enter the ssid and password to connect to the home network do you get a valid ip address on the 192.168.1 network?
Does the netwgear device show up in the network map on the Verizon router?
Do you specify static or dhcp for the netgear device "wan" connection.
When you connect wirelessly to the netgear device are you getting an ip address that is NOT on the 192.168.1 subnet?