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Utah Code § 57-28-302

Treatment of loan proceeds -- Effect on assistance eligibility

Enacted by Chapter 290, 2015 General Session

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.

Official source: Utah State Legislature. Reproduced from public-domain Utah statutes; confirm against the official source for the current text. Not legal advice.