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.

Source: SL 1997, ch 276, § 3.