A reverse mortgage is a loan available to homeowners that allows them to convert part of the equity in their homes into cash. A reverse mortgage loan can also be used if you decide to sell your home. NeighborWorks Great Falls is not a reverse mortgage lender, but does offer the required third party counseling.
Home Equity Conversion Mortgage (HECM)
Requirements: 62 years of age or older, your home must be a single-family residence in a 1- to 4-unit dwelling, a condominium, or part of a planned unit development (PUD) and your home must be at least one year old and meet HUD's minimum property standards. You may be able to use the HECM to pay for repairs that may be required. You must repay a HECM loan in full when the last surviving borrower dies or sells the home. This loan requires that you occupy the home, keep taxes and insurance current and maintain the home.
Montana Board of Housing RAM
The Montana Board of Housing offers a Reverse Annuity Mortgage program for Montana Homeowners 68 and above. This loan has income guidelines. It is a ten year loan based upon 80% of the value of your home, up to $150,000 - click here to learn more.