N.Y. Social Services Law § 131-x: Reverse mortgage loans

§ 131-x. Reverse mortgage loans. Notwithstanding any other

inconsistent provisions of law and to the extent permissible under

federal law, regulation or waiver, the proceeds of a reverse mortgage

loan made in conformity with the requirements of section two hundred

eighty or two hundred eighty-a of the real property law or exempted

therefrom pursuant to subdivision four of section two hundred eighty or

subdivision four of section two hundred eighty-a of the real property

law shall not be considered as income or resources of the mortgagor for

any purpose under any law relating to food stamps, public assistance,

veteran assistance, safety net assistance, low-income home energy

assistance, federal supplemental security income benefits and/or

additional state payments, medical assistance, any prescription drug

plan or other payments, allowances, benefits or services available

pursuant to this chapter; provided, however, that for applicants or for

recipients of safety net assistance, any such reverse mortgage loan

proceeds shall be disregarded as income and/or resources only in the

event that, and for so long as, federal laws and regulations exempt loan

proceeds in the determination of eligibility for both the aid to

families with dependent children and supplemental security income

programs.