California Civil Code 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...
• Section 1923.2.
  A reverse mortgage loan shall comply with all of the following requirements:(a) Prepayment, in whole or in part, shall be permitted without penalty at any time...
• Section 1923.3.
  A reverse mortgage shall constitute a lien against the subject property to the extent of all advances made pursuant to the reverse mortgage and all...
• Section 1923.4.
  For the purposes of this chapter, a property shall be deemed to be owner-occupied, notwithstanding that the legal title to the property is held in...
• Section 1923.5.
  (a) No reverse mortgage loan application shall be taken by a lender unless the loan applicant, prior to receiving counseling, has received from the lender the...
• Section 1923.6.
  The lender shall be presumed to have satisfied any disclosure duty imposed by this chapter if the lender provides a disclosure statement in the same...
• Section 1923.7.
  No arrangement, transfer, or lien subject to this chapter shall be invalidated solely because of the failure of a lender to comply with any provision...
• Section 1923.9.
  (a) To the extent that implementation of this section does not conflict with federal law resulting in the loss of federal funding, reverse mortgage loan payments...
• Section 1923.10.
  This chapter shall only apply to those reverse mortgage loans executed on or after January 1, 1998.(Added by Stats. 1997, Ch. 797, Sec. 1. Effective...

Last modified: October 22, 2018