California Civil Code

§ 1923

CIV § 1923 Effective Jan 1, 1998Div. 3 · Title 4 · Part 4 · Ch. 8

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.

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Legislative history

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