§ 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.