§ 1923
84 words·~1 min read·
/ca/civil-code/1923A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
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.