Montana Reverse Mortgage

A Montana reverse mortgage is a great tool that can be used for obtaining extra funds for retirement. Seniors must be at least 62 years of age to qualify. Unlike traditional home loans, reverse mortgages do not require a credit or income check. You must simply meet the age requirement and must have a substantial amount of home equity that can be used for the loan.

A Montana reverse mortgage is reversed form a regular home loan because you will be paid monthly, rather than paying the lender monthly. You also have the choice to build a line of credit, or receive your funds in a single lump sum, if desired. With a reverse mortgage, you will no longer need to make monthly payments in order to live in your home. The loan will not need to be repaid until you vacate the premises.

Montana Reverse Mortgage Options

There are two options in types of Montana reverse mortgage loans. The first option is a Fannie Mae Homekeeper loan. Fannie Mae, a private national mortgage company, guarantees this type of loan. They can be obtained through various lenders and there are line of credit options. This type of loan typically has a high maximum lending limit.

The second type of reverse mortgage loan in Montana is the FHA-HECM loan. This loan is federally insured and has less fees that private sector loans, such as Fannie Mae loans. However, the maximum lending limit tends to be lower than Fannie Mae loans. FHA loans have flexible payment options and line of credit options.