Reverse Annuity Mortgage Program
Elderly Programs consist of the Reverse Annuity Mortgage Loan Program (RAM).
The RAM program was implemented by the Board in October of 1990. The program enables senior Montana homeowners to more substantially provide for their own in-home support. Lower income seniors 68 years or older have the ability to borrow the equity in their homes and benefit from the additional income.
1 Person Household $23,540
2 Person Household $31,860
3 Person Household $40,180
RAM Loan Program Counselor List (updated: November 14, 2014)
The Montana Board of Housing RAM (Reverse Annuity Mortgage) Program cannot meet the needs of every applicant. The FHA HECM (Home Equity Conversion Mortgage) program has a much more broad coverage when considering age restrictions (62), income, need for larger monthly payments, and a wider scope for financial diversity. Several lending institutions throughout Montana provide reverse mortgage resources including HECM when the RAM program cannot fulfill your needs.
Please contact us for further information at 1-800-761-6264 or the Office on Aging at 1-800-332-2272.