Added by Stats. 1997, Ch. 797, Sec. 1. Effective January 1, 1998.
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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Other sections in Chapter 8 - Reverse Mortgages
§ 1923§ 1923.10