California Civil Code 1923 – For purposes of this chapter, “reverse mortgage” means a nonrecourse …
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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.
Terms Used In California Civil Code 1923
- Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
(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.)