California Codes, Civil Code - CIV, Division 3 — Obligations, Part 4 — Obligations Arising from Particular Transactions, Title 4 — Loan, Chapter 8 — Reverse Mortgages, Section 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 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.
Notes
Defines a “reverse mortgage” as a nonrecourse loan secured by real property that advances cash based on equity or value in the borrower’s owner-occupied principal residence, requires no principal or interest payment until the entire loan becomes due, and is made by a lender licensed or chartered under California or United States law.
Use as reference
Lexinter.net | California Code, Civil Code - CIV § 1923 | https://laws.lexinter.net/codes/california/civil-code/division-3/part-4/title-4/chapter-8/section-1923