It's helpful to work with reverse mortgage licensed specialists in the area because they understand the real estate environment in your state. Please fill out the form on this page to have a reverse mortgage specialist contact you. And of course, if you have any questions about applying for a reverse mortgage in Montana, don't hesitate to contact one of our specialists at any time.If you're at least 62 and living in Montana, you may want to consider a reverse mortgage. That's because Montana residents like you are using reverse mortgages to pay off medical bills, perform home renovations, and enjoy a life that's free from the financial burden of a monthly mortgage payment.
Why Apply for a Reverse Mortgage?Montana residents have many reasons to consider a reverse mortgage, or HECM, but ultimately it comes down to two factors: financial security and quality of life. Living on a limited budget can be stressful. Many seniors live with financial pressure not even realizing that the home equity they fought so hard to build is sitting idle. A reverse mortgage gives borrowers access to that equity as a line of credit, monthly disbursement, lump sum payment, or some combination of the three. Also known as a home equity conversion mortgage, a reverse mortgage can use your existing equity to pay off your remaining mortgage. Any remaining money is then available to use as you please. The loan does not come due until you sell the home, no longer live in the home, or pass away. However, you are still required to pay property taxes, insurance, and home maintenance costs.
Types of Reverse MortgagesThere are three types of federal government insured HECMs that Montana residents may choose. A fixed term reverse mortgage makes a lump sum disbursement of money once the loan closes, and has a loan interest rate that they are locked into at the time of closing. HECM line of credit loans provide a number of cash disbursement options, including a draw on the line of credit at closing, monthly payments, or full access to your line of credit when you need it. One Reverse Mortgage offers a third option called a reverse mortgage for purchase. This option makes it possible for seniors to purchase a home with no monthly payments and allows borrowers to move into a home suited to their needs or relocate closer to family.*
Finding Reverse Mortgage Specialists in MontanaIf you have any questions about applying for a reverse mortgage in Montana, please fill out the form on this page to have a reverse mortgage specialist contact you.
* Homeowner must still maintain the property, pay homeowners insurance, and property taxes to avoid foreclosure.