Utah Code 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

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Mortgage: The written agreement pledging property to a creditor as collateral for a loan.

(2) undisbursed funds under a reverse mortgage shall be treated as equity in the borrower’s home and not as proceeds from a loan.