Reverse Annuity Mortgage (RAM) Program

Many senior citizens in Montana own their own homes and have little or no remaining mortgage debt. Many of these homeowners live on a fixed income and can benefit from an additional income source from the equity in their home. Reverse Annuity Mortgage loans allow senior homeowners the financial flexibility to stay in their own homes and continue life on their terms. 

Counselors: Please contact us for a current application packet

Interest rate: Contact Montana Housing at 800.761.6264 for the current rate

Age Requirements: All borrowers must be 68 years of age or older

Income Limits: Borrower’s annual family income must not exceed the following (eff. 3/18/24):

  • 1   Person Household     $30,120
  • 2   Person Household     $40,880
  • 3+ Person Household     $51,640

Property Eligibility: The home must be located in Montana. The borrower(s) must be the owner and occupant of a single-family dwelling that is unencumbered by any prior mortgage, lien or pledge. A single-family dwelling means a one-to-four family living unit. A single-family dwelling must meet minimum appraisal standards. NOTE: Mobile and manufactured homes are EXCLUDED from eligibility.

Loan Amount: The loan amounts range from a minimum of $15,000 to a maximum of $150,000. The maximum loan amount is determined based on 80% of the FHA-determined property value.

Payment Terms: The net loan proceeds are advanced monthly to the borrower(s) based on a 10-year term.

Lump Sum Advances: Lump sum advances are available at loan closing. Ten thousand dollars is available for payment of prior mortgages, liens and pledges, or for needed repairs to the home. Some exceptions may be considered. An advance is available for loan closing costs. Lump sum advances reduce the amount of the monthly loan amount.

Counseling: Potential borrowers must attend a Reverse Annuity Mortgage counseling session in order to submit an application. Please contact us to find a counselor in your area.  

Applications may be completed during the required Reverse Annuity Mortgage counseling session.

Printable Fact Sheet

Additional Resources