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2024 California Code
Civil Code - CIV
DIVISION 3 - OBLIGATIONS
PART 4 - OBLIGATIONS ARISING FROM PARTICULAR TRANSACTIONS
TITLE 4 - LOAN
CHAPTER 8 - Reverse Mortgages
Section 1923.
Universal Citation:
CA Civ Code § 1923 (2024)
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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.)
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