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.