Utah Statutes
§ 57-28-302 — Treatment of loan proceeds -- Effect on assistance eligibility.
Utah·Title 57 Real Estate·Ch. 57-28 Utah Reverse Mortgage Act·Part 57-28-3 Reverse Mortgage Proceeds, Priority, Foreclosure, and Lender Default
For purposes of determining a borrower's eligibility and benefits for a means-tested program of aid to individuals:
(1)a reverse mortgage loan payment made to a borrower shall be treated as proceeds from a loan and not as income; and
(2)undisbursed funds under a reverse mortgage shall be treated as equity in the borrower's home and not as proceeds from a loan.
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Utah § 57-28-302 (Treatment of loan proceeds -- Effect on assistance eligibility.) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.
Legislative History
Enacted by Chapter 290, 2015 General Session
Nearby Sections
15
§ 57-1-1
Definitions.§ 57-1-10
After-acquired title passes.§ 57-1-12
Form of warranty deed -- Effect.§ 57-1-12.5
Form of special warranty deed -- Effect.§ 57-1-13
Form of quitclaim deed.§ 57-1-14
Form of mortgage -- Effect.§ 57-1-19
Trust deeds -- Definitions of terms.