Reverse Mortgage Counseling
Reverse mortgages, also called Home Equity Conversion Mortgages, are offered by many local banks and credit unions, where 62 years or older have the ability to borrow the equity in their homes and benefit from the additional income. Loans can be used for a variety of purposes, including home repairs, monthly income and other reasons.
NeighborWorks Montana does not offer reverse mortgages, but can assist in the application process to MBOH.
NeighborWorks Great Falls and Rural Dynamics provide counseling to homeowners interested in Reverse Mortgages and Home Equity Conversion Mortgages. Counseling is required to obtain a reverse mortgage.
Call NeighborWorks Great Falls at (406)761-5861 or send email to firstname.lastname@example.orgCall Rural Dynamics at (406)761-8721 or send an email to email@example.com
Repaying a Reverse Mortgage
You must repay a reverse mortgage loan in full when the last surviving borrower dies or sells the home. It also may become due if:
- you allow the property to deteriorate, except for reasonable wear and tear, and you fail to correct the problem; or
- all borrowers permanently move to a new principal residence; or
- the last surviving borrower fails to live in the home for 12 months in a row because of physical or mental illness; or
- you fail to pay property taxes or hazard insurance, or violate any other borrower obligation.