Montana § 90-6-502 Purpose

Montana Statutes

§ 90-6-502 — Purpose

Montana § 90-6-502

Title 90PLANNING, RESEARCH, AND DEVELOPMENT

Ch. 6COMMUNITY IMPACT -- PLANNING AND ABATEMENT

Part 5Reverse Annuity Mortgage Loan

This text of Montana § 90-6-502 (Purpose) is published on Counsel Stack Legal Research, covering Montana primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

Mont. Code Ann. § 90-6-502 (2026).

Text

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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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 jeopardize the mortgagor's eligibility for medicaid and other means-tested programs.