California Code, Civil Code - CIV § 1923
Current as of January 01, 2023 | Updated by FindLaw Staff
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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.
(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.
Cite this article: FindLaw.com - California Code, Civil Code - CIV § 1923 - last updated January 01, 2023 | https://codes.findlaw.com/ca/civil-code/civ-sect-1923/
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