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Code · South Dakota · Title 54 · Chapter 54-12

54-12-22. Reverse mortgage loan payment--Undisbursed reverse mortgage funds.

119 words·~1 min read·/sd/title-54/chapter-54-12/54-12-22·

A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

A reverse mortgage loan payment made to a borrower is treated as proceeds from a loan and not as income for the purpose of determining eligibility and benefits under means - tested programs of aid to individuals. Undisbursed reverse mortgage funds shall be treated as equity in a borrower's home and not as proceeds from a loan, resources, or assets for the purpose of determining eligibility and benefits under means - tested programs of aid to individuals. This section applies to any law or program relating to payments, allowances, benefits, or services provided on a means - tested basis by this state, including supplemental security income, low - income energy assistance, property tax relief, medical assistance, and general assistance.
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