§ 131-X — Reverse mortgage loans

New York § 131-X

• Jurisdiction: New York
• Law SOS: Social Services
• Title 1: General Provisions
• Art. 5: Assistance and Care

Text

§ 131-x. Reverse mortgage loans. Notwithstanding any other\ninconsistent provisions of law and to the extent permissible under\nfederal law, regulation or waiver, the proceeds of a reverse mortgage\nloan made in conformity with the requirements of section two hundred\neighty or two hundred eighty-a of the real property law or exempted\ntherefrom pursuant to subdivision four of section two hundred eighty or\nsubdivision four of section two hundred eighty-a of the real property\nlaw shall not be considered as income or resources of the mortgagor for\nany purpose under any law relating to food stamps, public assistance,\nveteran assistance, safety net assistance, low-income home energy\nassistance, federal supplemental security income benefits and/or\nadditional state payments, medical assistance, any prescription drug\nplan or other payments, allowances, benefits or services available\npursuant to this chapter; provided, however, that for applicants or for\nrecipients of safety net assistance, any such reverse mortgage loan\nproceeds shall be disregarded as income and/or resources only in the\nevent that, and for so long as, federal laws and regulations exempt loan\nproceeds in the determination of eligibility for both the aid to\nfamilies with dependent children and supplemental security income\nprograms.\n