Arkansas Statutes
§ 23-54-105 — Treatment of loan proceeds
Arkansas·Title 23
To the extent that implementation of this section does not conflict with federal law:
(1)Reverse mortgage loan payments made to a borrower shall be treated as proceeds from a loan and not as income for the purpose of determining eligibility and benefits under programs of aid to individuals; and (2) Undisbursed reverse mortgage funds shall be treated as equity in the borrower's home and not as proceeds from a loan, resources, or assets for the purpose of determining eligibility and benefits under programs of aid to individuals.
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Legislative History
Acts 2005, No. 2166, § 1.
Nearby Sections
15
§ 23-1-101
Definitions§ 23-1-103
Compliance with Acts 1935, No. 324, and rules of commission required - Penalties for noncompliance§ 23-1-106
Penalties cumulative - Recovery of penalty not bar to further penalty or criminal prosecution§ 23-1-108
Jurisdiction and venue of actions§ 23-1-110
Actions tried without jury - Exceptions§ 23-1-111
Copies of official papers as evidence§ 23-1-115
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