Utah Code § 57-28-302

Current through the 2024 Fourth Special Session

Section 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.

Utah Code § 57-28-302

Added by Chapter 290, 2015 General Session ,§ 12, eff. 5/12/2015.