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:
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