C.R.S. 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.

(2)

Undisbursed funds under a reverse mortgage shall 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.

(3)

This section shall apply to any law relating to means-tested programs of aid provided by 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: Section 11-38-110 — Treatment of reverse mortgage loan proceeds by public benefit programs, https://leg.­colorado.­gov/sites/default/files/images/olls/crs2023-title-11.­pdf (accessed Oct. 20, 2023).

Green check means up to date. Up to date

Current through Fall 2024

§ 11-38-110’s source at colorado​.gov