Montana Statutes
§ 90-6-502 — Purpose
Montana·Title 90 PLANNING, RESEARCH, AND DEVELOPMENT·Ch. 6 COMMUNITY IMPACT -- PLANNING AND ABATEMENT·Part 5 Reverse Annuity Mortgage Loan
90-6-502 . Purpose. Many elderly citizens in Montana own their own homes and have little or no remaining mortgage debt. Many of these home owners are persons of lower income who would benefit from an additional income source from the use of the equity in their homes. The legislature finds that reverse annuity mortgage loans would enable elderly home owners to provide more substantially for their own in-home support and specialized care. The purpose of this part is to:
(1)establish a reverse annuity mortgage loan program within the board of housing;
(2)authorize the board to make reverse annuity mortgage loans;
(3)counsel, assist, and protect elderly home owners who wish to obtain a reverse annuity mortgage loan; and
(4)administer a reverse annuity mortgage loan program that does not je
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Legislative History
En. Sec. 2, Ch. 178, L. 1989.
Nearby Sections
15
§ 90-6-1001
Oil, Gas, And Coal Natural Resource Accounts§ 90-6-101
Short Title§ 90-6-102
Legislative Declaration§ 90-6-103
Definitions§ 90-6-104
General Powers Of The Board§ 90-6-105
Meetings And Acts Of The Board§ 90-6-106
Adoption Of Rules§ 90-6-107
Deposit And Expenditure Of Funds§ 90-6-108
Financing Programs Of The Board§ 90-6-110
Supervision Of Housing Sponsors§ 90-6-111
Bonds And Notes§ 90-6-112
Provision Of Bond Resolutions§ 90-6-113
Validity Of Pledge§ 90-6-114
Personal Liability