Senior Homeowners, Wish You Could Access the Equity in Your Home?
Need some direction for locating a reverse mortgage lender in your area of Montana? An experienced lender is able to offer you general information, provide independent counseling, offer options best suited to your financial situation and provide you with a solid reverse mortgage product.
FHA Loan Limits in Montana Counties
Guess what? If you are a senior homeowner residing in Montana and you’re considering a reverse mortgage, chances are likely that you’ll qualify for a HUD Home Equity Conversion Mortgage. This federally insured product is well suited to over 90% of all reverse mortgage borrowers in the country.
One of the primary factors in determining your eligibility for a HECM is your zip code. What does the zip code have to do with it? A mortgage lender uses your zip code to determine your county’s FHA mortgage limit. Most average homeowners fit into this limit, but in some cases the local limit is too restrictive, especially for seniors with high-value homes.
The majority of the 56 counties in Montana are similar to the national average for FHA limits. About half a dozen counties have significantly higher limits imposed and include borrowers in the Bozeman and Helena areas, as well as Sweet Grass county. In these areas FHA limits are about $100,000 higher.
HUD Lenders
Since over 90% of borrowers use the HUD Home Equity Conversion Mortgage it stands to reason that many lenders must handle these products. As a safeguard, HUD provides, free of charge a HUD-approved lender list. Consumers may access the list via the HUD website and search by state and HECM specific provider, or get a list from a HUD mortgage counselor.
Single Purpose Reverse Mortgages from Montana
Many state and municipal governments provide a type of single-purpose reverse mortgage that allows low-income seniors to tap their home value in exchange for cash that helps pay property taxes and critical home repairs, often called rehabilitation.
No formal statewide programs exist that offer Montana seniors cash for property taxes or home improvement. However, if you are age 65 or older, own your home, live on a limited income and have problems paying property taxes or affording necessary home repairs, check with your local tax assessor’s office or local housing department for any municipal programs.
General Reverse Mortgage Providers in Montana
Dozens of lenders exist in Montana and many offer services and products outside of the reverse mortgage business. Look locally and keep in mind the HUD lender list as a primary resource. Below are just a few representative types of reverse mortgage lenders.
Financial Freedom
This is one of the largest volume reverse mortgage lenders in the country. Financial Freedom offers the leading types of products: the HUD HECM, Fannie Mae Home Keeper and FF’s proprietary jumbo reverse mortgage, Cash Account Advantage.
Intermountain Mortgage/Guild Mortgage
Guild or Intermountain Mortgage is licensed to offer mortgages in California, Montana and Wyoming. The company is a HUD-approved HECM lender and has offices in Billings.
Wells Fargo
Wells Fargo is a nationwide retail-banking corporation that features a mortgage division. The company helps seniors with both HECM as well as Fannie Mae Home Keeper reverse mortgages.