90-6-502. Purpose.
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.
History: En. Sec. 2, Ch. 178, L. 1989.