2011 California Code
Civil Code
DIVISION 3. OBLIGATIONS [1427 - 3272.9]
CHAPTER 8. Reverse Mortgages
Section 1923
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.
(Added by Stats. 1997, Ch. 797, Sec. 1. Effective January 1, 1998.)
Disclaimer: These codes may not be the most recent version. California may have more current or accurate information. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the state site. Please check official sources.
