2020 Colorado Revised Statutes
Title 11 - Financial Institutions
Article 38. Reverse Mortgages
Section 11-38-110. Treatment of reverse mortgage loan proceeds by public benefit programs.
(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 means-tested programs of aid to individuals.
Undisbursed funds under a reverse mortgage shall be treated as equity in a borrower'shome and not as proceeds from a loan for the purpose of determining eligibility and benefits under means-tested programs of aid to individuals.
This section shall apply to any law relating to means-tested programs of aid providedby this state, including but not limited to supplemental security income, low-income energy assistance, and the "Colorado Medical Assistance Act", articles 4, 5, and 6 of title 25.5, C.R.S.
Source: L. 92: Entire article added, p. 943, § 1, effective April 23. L. 2006: (3) amended, p. 2000, § 40, effective July 1.
