<html xmlns="http://www.w3.org/1999/xhtml"><head><meta charset="UTF-8" /><meta http-equiv='content-language' content='en-us'/><title>SDLRC - Codified Law 54-12-22 - Reverse mortgage loan payment--Undisbursed reverse mortgage funds. </title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2072401Normal { margin-top: 0; margin-bottom: 0; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-left: 0; margin-right: 0; } span.s2072401SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072401CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2072401Normal-000000 { margin-top: 0; margin-bottom: 0; text-indent: 0.50in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-left: 0; margin-right: 0; } span.s2072401DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2072401DefaultParagraphFont-000001 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2072401000002 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2072401SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072401SCL-000003 { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } body { text-decoration-skip-ink: none; } </style></head><body><div><p dir="ltr" class="s2072401Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=54-12-22"><span class="s2072401SENU">54-12-22</span></a><span xml:space="preserve" class="s2072401SENU">. </span><span class="s2072401CL">Reverse mortgage loan payment--Undisbursed reverse mortgage funds.</span></p><p dir="ltr" class="s2072401Normal-000000"><span class="s2072401DefaultParagraphFont">A reverse mortgage loan payment made to a borrower is treated as proceeds from a loan and not as income for the purpose of determining eligibility and benefits under means</span><span class="s2072401DefaultParagraphFont-000001">-</span><span class="s2072401DefaultParagraphFont">tested programs of aid to individuals. Undisbursed reverse mortgage funds shall be treated as equity in a borrower's home and not as proceeds from a loan, resources, or assets for the purpose of determining eligibility and benefits under means</span><span class="s2072401DefaultParagraphFont-000001">-</span><span class="s2072401DefaultParagraphFont">tested programs of aid to individuals. This section applies to any law or program relating to payments, allowances, benefits, or services provided on a means</span><span class="s2072401DefaultParagraphFont-000001">-</span><span class="s2072401DefaultParagraphFont">tested basis by this state, including supplemental security income, low</span><span class="s2072401DefaultParagraphFont-000001">-</span><span class="s2072401DefaultParagraphFont">income energy assistance, property tax relief, medical assistance, and general assistance.</span></p><p dir="ltr" class="s2072401Normal"><span xml:space="preserve" class="s2072401000002"> </span></p><p dir="ltr" class="s2072401Normal"><span class="s2072401SCL">Source:</span><span xml:space="preserve" class="s2072401SCL-000003"> SL 1997, ch 276, § 3.</span></p></div></body></html>