Ca_Law

statute | California

Civil Code - CIV - CIV § 1923

  • UIDca_leginfo_codes:civ-1923
  • CitationCivil Code - CIV - CIV § 1923
  • Court / bodyCalifornia Legislative Counsel
  • Decision dateN/A
  • CollectionPUBINFO_2025
  • SourceOriginal

Summary

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)

Text

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.

Retrieval chunks

  • #1 | Civil Code - CIV - CIV § 1923

    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 pri…