There is a newer version of the Utah Code
2016 Utah Code
Title 57 - Real Estate
Chapter 28 - Utah Reverse Mortgage Act
Part 3 - Reverse Mortgage Proceeds, Priority, Foreclosure, and Lender Default
Section 302 - Treatment of loan proceeds -- Effect on assistance eligibility.
UT Code § 57-28-302 (2016) What's This?
Effective 5/12/2015 57-28-302. Treatment of loan proceeds -- Effect on assistance eligibility.
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.
Enacted by Chapter 290, 2015 General Session
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