The Reverse Annuity Mortgage (RAM) program was implemented by the Montana Board of Housing in October of 1990. Lower income seniors 68 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.

NWGF does not offer RAM mortgages, but can assist in the application process to MBOH. NWGF does provide counseling to homeowners interested in RAM mortgages.

Repaying a RAM

You must repay a RAM 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.

Call our office at 406-761-5861 or send email to info@nwgf.org.