2009 Washington Code
Title 31 - Miscellaneous loan agencies
Chapter 31.04 - Consumer loan act.
31.04.540 - Loan advances -- Eligibility and benefits under means-tested programs -- Subject to federal law.

Loan advances — Eligibility and benefits under means-tested programs — Subject to federal law.

(1) To the extent that implementation of this section does not conflict with federal law resulting in the loss of federal funding, proprietary reverse mortgage loan advances 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.

     (2) Undisbursed reverse mortgage funds must be treated as equity in the 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.

     (3) 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, but not limited to, optional state supplements to the federal supplemental security income program, low-income energy assistance, property tax relief, disability lifeline benefits, and medical assistance only to the extent this section does not conflict with Title 19 of the federal social security act.

[2010 1st sp.s. c 8 § 15; 2009 c 149 § 8.]

Notes: Findings -- Intent -- Short title -- Effective date -- 2010 1st sp.s. c 8: See notes following RCW 74.04.225.