California § 1923. 1923. (Added by Stats. 1997, Ch. 797, Sec. 1.)

California Statutes

§ 1923. — 1923. (Added by Stats. 1997, Ch. 797, Sec. 1.)

California·Code CIV Civil Code - CIV·Div. 3. DIVISION 3. OBLIGATIONS·Title 4.·Part 4. TITLE 4. LOAN·Ch. 8. CHAPTER 8. Reverse Mortgages

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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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.

California § 1923. (1923. (Added by Stats. 1997, Ch. 797, Sec. 1.)) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.