57-28-302. Treatment of loan proceeds -- Effect on assistance eligibility.
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Effective 5/12/2015
57-28-302. Treatment of loan proceeds -- Effect on assistance eligibility.
For purposes of determining a borrower's eligibility and benefits for a means-tested program of aid to individuals:
(1)a reverse mortgage loan payment made to a borrower shall be treated as proceeds from a loan and not as income; and
(2)undisbursed funds under a reverse mortgage shall be treated as equity in the borrower's home and not as proceeds from a loan.
Enacted by Chapter 290 , 2015 General Session