CHAPTER 8. Reverse Mortgages [1923. - 1923.10.]

Chapter 8 added by Stats. 1997, Ch. 797, Sec. 1.

§§ 1923–1923.10 · 9 sections

• § 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…
• § 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…
• § 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 interest…
• § 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 the name of…
• § 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…
• § 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 form as…
• § 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 of this…
• § 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…
• § 1923.10 This chapter shall only apply to those reverse mortgage loans executed on or after January 1, 1998.