Cal. Civ. Code § 1923

Current through the 2023 Legislative Session.

Section 1923 - Definition

For purposes of this chapter, "reverse mortgage" means a nonrecourse loan secured by real property that meets all of the following criteria:

(a) The loan provides cash advances to a borrower based on the equity or the value in a borrower's owner-occupied principal residence.

(b) The loan requires no payment of principal or interest until the entire loan becomes due and payable.

(c) The loan is made by a lender licensed or chartered pursuant to the laws of this state or the United States.

Ca. Civ. Code § 1923

Added by Stats. 1997, Ch. 797, Sec. 1. Effective January 1, 1998.