South Carolina § 29-4-50 Treatment of loan payments and undisbursed funds for purposes of means-tested programs.

South Carolina Statutes

§ 29-4-50 — Treatment of loan payments and undisbursed funds for purposes of means-tested programs.

South Carolina·Title 29 MORTGAGES AND OTHER LIENS·Ch. 4 REVERSE MORTGAGES

(A)Reverse mortgage loan payments made to a borrower must be 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.

(B)Undisbursed funds must be treated as equity in a borrower's home and not as proceeds from a loan for the purpose of determining eligibility and benefits under means-tested programs of aid to individuals.

(C)This section applies to any law relating to payments, allowances, benefits, or services provided on a means-tested basis by this State including, but not limited to, supplemental security income, low-income energy assistance, property tax relief, medical assistance, and general assistance.

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(A) Reverse mortgage loan payments made to a borrower must be 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. (B) Undisbursed funds must be treated as equity in a borrower's home and not as proceeds from a loan for the purpose of determining eligibility and benefits under means-tested programs of aid to individuals. (C) This section applies to any law relating to payments, allowances, benefits, or services provided on a means-tested basis by this State including, but not limited to, supplemental security income, low-income energy assistance, property tax relief, medical assistance, and general assistance.

South Carolina § 29-4-50 (Treatment of loan payments and undisbursed funds for purposes of means-tested programs.) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.