South Dakota Statutes
§ 54-12-22 — Reverse mortgage loan payment--Undisbursed reverse mortgage funds.
A reverse mortgage loan payment made to a borrower is 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. Undisbursed reverse mortgage funds shall be treated as equity in a borrower's home and not as proceeds from a loan, resources, or assets for the purpose of determining eligibility and benefits under means - tested programs of aid to individuals. This section applies to any law or program relating to payments, allowances, benefits, or services provided on a means - tested basis by this state, including supplemental security income, low - income energy assistance, property tax relief, medical assistance, and general assistance.
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South Dakota § 54-12-22 (Reverse mortgage loan payment--Undisbursed reverse mortgage funds.) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.
Legislative History
SL 1997, ch 276, § 3.
Nearby Sections
15
§ 54-1-2
Loan of money defined.§ 54-1-6
"Open account" defined.§ 54-1-7
Open account--Interest rates.§ 54-1-9
"Securitization" defined.§ 54-10-1
Definition of terms.§ 54-10-10
Value of security, determination by liquidator's sale of assets--Order of sale, requirements.§ 54-10-13
Uniformity of interpretation of chapter.