Statute · California Civil Code
Cal. Civ. Code § 1923 — Reverse Mortgages
Cal. Civ. Code § 1923
- Type
- Statute
- Source
- California Civil Code
- Jurisdiction
- California
- Date
- 1998-01-01
- Current through
- Nov 2, 2026 (California Legislative Counsel)
For purposes of this chapter, “reverse mortgage” means a nonrecourse loan secured by real property that meets all of the following criteria:
Citator
Cal. Civ. Code § 1923 — Reverse Mortgages is in force in the current edition of the Code, and nothing recorded condemns it.
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.