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California Code, Civil Code - CIV § 1923

Current as of January 01, 2025 | Updated by Findlaw Staff

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.

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Cite this article: FindLaw.com - California Code, Civil Code - CIV § 1923 - last updated January 01, 2025 | https://codes.findlaw.com/ca/civil-code/civ-sect-1923/

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