If at any time during the period assistance payments are being made to any person, such person becomes possessed of any property, real or personal, or of any income in excess of the amount of such property and income last declared by such person to the Department, such person shall notify the Department promptly concerning the receipt and possession of such property or income and the Department shall, in accordance with rules established by it, reconsider the eligibility of such person to receive such assistance or the amount of assistance to which entitled, according to the circumstances. Any excess paid to any person by reason of such person's failure to report as required by this section shall be recoverable in a civil action against such person or against such person's estate.