2012 Arkansas Code
Title 23 - Public Utilities and Regulated Industries
Subtitle 2 - Financial Institutions And Securities
Chapter 54 - Reverse Mortgage Protection Act
§ 23-54-105 - Treatment of loan proceeds.
To the extent that implementation of this section does not conflict with federal law:
(1) Reverse mortgage loan payments made to a borrower shall be treated as proceeds from a loan and not as income for the purpose of determining eligibility and benefits under programs of aid to individuals; and
(2) Undisbursed reverse mortgage funds shall 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 programs of aid to individuals.
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