2017 South Carolina Code of Laws
Title 29 - Mortgages and Other Liens
CHAPTER 4 - REVERSE MORTGAGES
Section 29-4-50. Treatment of loan payments and undisbursed funds for purposes of means-tested programs.
(A) Reverse mortgage loan payments 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.
(B) Undisbursed funds must be treated as equity in a borrower's home and not as proceeds from a loan for the purpose of determining eligibility and benefits under means-tested programs of aid to individuals.
(C) This section applies to any law relating to payments, allowances, benefits, or services provided on a means-tested basis by this State including, but not limited to, supplemental security income, low-income energy assistance, property tax relief, medical assistance, and general assistance.
HISTORY: 1994 Act No. 376, Section 1.
