Section 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.