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 § 29-4-50

Title 29MORTGAGES AND OTHER LIENS

Ch. 4REVERSE MORTGAGES

This text of South Carolina § 29-4-50 (Treatment of loan payments and undisbursed funds for purposes of means-tested programs.) is published on Counsel Stack Legal Research, covering South Carolina primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

S.C. Code Ann. § 29-4-50 (2026).

Text

(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.

Free access — add to your briefcase to read the full text and ask questions with AI

(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.