California · Civil Code
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
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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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