Sections
9 entriesSection 1923Defines a “reverse mortgage” as a nonrecourse loan secured by real property that advances cash based on equity or value in the…Section 1923.2Requires reverse mortgages to permit penalty-free prepayment and bars interest-rate adjustments from reducing advances. Allows repayment when the home is sold or…Section 1923.3Establishes a reverse mortgage as a lien against the subject property to the extent of all advances made under the mortgage and…Section 1923.4Defines property as owner-occupied for purposes of the chapter when the occupant is a beneficiary of the trust holding legal title to…Section 1923.5Prohibits reverse mortgage loan application from being taken by a lender unless the loan applicant, prior to receiving counseling. In addition to…Section 1923.6Establishes a presumption that a lender has satisfied any disclosure duty imposed by the reverse-mortgage chapter when the lender provides a disclosure…Section 1923.7Prohibits invalidating an arrangement, transfer, or lien governed by the chapter solely because the lender failed to comply with a provision of…Section 1923.9Requires reverse-mortgage payments to be treated as loan proceeds, not income, for means-tested state aid, unless implementation would conflict with federal law…Section 1923.10Limits the chapter to reverse-mortgage loans executed on or after January 1, 1998. The execution date is the applicability threshold: reverse-mortgage loans…