{"id":57496,"date":"2024-06-22T03:03:55","date_gmt":"2024-06-22T01:03:55","guid":{"rendered":"https:\/\/housesmarketplace.com\/montana-aims-to-remind-seniors-about-its-reverse-annuity-mortgage\/"},"modified":"2024-06-22T03:03:55","modified_gmt":"2024-06-22T01:03:55","slug":"montana-aims-to-remind-seniors-about-its-reverse-annuity-mortgage","status":"publish","type":"post","link":"https:\/\/housesmarketplace.trio-tv.com\/ru\/montana-aims-to-remind-seniors-about-its-reverse-annuity-mortgage\/","title":{"rendered":"\u041c\u043e\u043d\u0442\u0430\u043d\u0430 \u0441\u0442\u0440\u0435\u043c\u0438\u0442\u0441\u044f \u043d\u0430\u043f\u043e\u043c\u043d\u0438\u0442\u044c \u043f\u043e\u0436\u0438\u043b\u044b\u043c \u043b\u044e\u0434\u044f\u043c \u043e \u0441\u0432\u043e\u0435\u0439 \u00ab\u043e\u0431\u0440\u0430\u0442\u043d\u043e\u0439 \u0430\u043d\u043d\u0443\u0438\u0442\u0435\u0442\u043d\u043e\u0439 \u0438\u043f\u043e\u0442\u0435\u043a\u0435\u00bb"},"content":{"rendered":"
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The Montana<\/a> Board of Housing<\/strong> is aiming to remind the state\u2019s seniors about a government-administered program that is specifically designed to help older adults access their home\u2019s equity \u2014 and it should be very familiar to members of the reverse mortgage industry.<\/p>\n

Recently, officials with the state\u2019s housing authority have been publishing new material related to the state\u2019s Reverse Annuity Mortgage (RAM) program<\/a>, which was passed by the Montana Legislature in 1989 and offers a state-subsidized reverse mortgage that is limited to residents ages 68 and older.<\/p>\n

\u201cAs Montanans face more economic challenges due to inflation, it can weigh heavily on our most vulnerable populations, including senior citizens,\u201d Cheryl Cohen, division administrator for the housing division at the Montana Department of Commerce<\/strong> and executive director of the Montana Board of Housing, wrote in a recent op-ed<\/a>.<\/p>\n<\/p>\n

\u201cHousing costs are soaring across the nation<\/a>, thanks in part due to a lack of supply keeping up with demand. While many Montana seniors own their own homes and have little or no remaining mortgage debt, they struggle to make ends meet on fixed incomes<\/a>.\u201d<\/p>\n<\/p>\n

This is where the RAM program can come into play. Cohen describes the program as overseeing \u201clow-interest rate loans [which] allow senior homeowners to benefit from an additional income source from their home equity while offering the financial flexibility they need to continue living at home.\u201d<\/p>\n<\/p>\n

Differences with HECM<\/h2>\n<\/p>\n

HousingWire<\/strong>\u2019s Reverse Mortgage Daily (RMD) submitted questions to Montana\u2019s Department of Commerce about the RAM program and received responses from a spokesperson. <\/p>\n<\/p>\n

In terms of how the RAM program aims to solve issues that a Home Equity Conversion Mortgage<\/a> (HECM) might not address, the department said that many of the goals are the same but that the RAM program may come with more flexibility on qualifications.<\/p>\n<\/p>\n

\u201cThe Montana Board of Housing\u2019s RAM program provides interest rates that are competitive or lower with requirements that are simple and easy to understand,\u201d the spokesperson said. \u201cBoard staff and participating counselors work closely with the borrowers helping to set up the reverse mortgage with closing costs often several hundreds to thousands of dollars less than similar programs.\u201d<\/p>\n<\/p>\n

These closing costs are limited to the \u201cactual charges from the appraisals and title companies with no administrative costs added by the Board,\u201d and the administration of the reverse mortgage itself is handled by state housing staff \u201cwho can easily be personally contacted for any questions or assistance. The Montana Board of Housing is administratively attached to the Montana Department of Commerce,\u201d the spokesperson said.<\/p>\n<\/p>\n

Additionally, Cohen explained in her op-ed the different types of proceeds available for RAM borrowers.<\/p>\n<\/p>\n

\u201cThe RAM program helps senior Montana homeowners with monthly payments back to them to manage everyday expenses while living in their homes,\u201d she said. \u201cEligible homeowners can borrow a minimum of $15,000 up to a maximum of $150,000. The maximum loan amount is determined based on 80 percent of the FHA-determined value of the home.<\/p>\n<\/p>\n

\u201cAdditionally, lump sum advances are available at loan closing, and up to $10,000 is available for payment of prior mortgages, liens and pledges or for accessibility improvements and other home repairs.\u201d<\/p>\n<\/p>\n

Longer retirements<\/h2>\n<\/p>\n

The loan values for the HECM program are generally larger depending on the age of the borrower and the value of the home, with the HECM limit in 2024 topping $1.1 million<\/a>. The minimum qualifying age for a HECM is 62 years, while the minimum for the RAM program is 68. There\u2019s a reason for this, the spokesperson said.<\/p>\n<\/p>\n

\u201cWith Montana\u2019s elderly population growing and living longer, we find that even with an age limit of 68, many of our borrowers outlive the 10 years of payments allocated,\u201d the spokesperson explained. \u201cProviding loans to a younger population may add to financial issues as more participants outlive those payments.\u201d<\/p>\n<\/p>\n

The program\u2019s availability is also subject to the financial disbursements the state Legislature gives to the department itself. The origination process also has similarities to the HECM program, with some state-specific requirements.<\/p>\n<\/p>\n

\u201cApplicants must go through trained RAM counselors from the non-profit sector before qualifying for our financing,\u201d the spokesperson stated. \u201cOnce they\u2019ve completed the session, housing staff work with the participant to determine needs and financing availability. Staff assist in obtaining an appraisal and in closing the loan and setting up payments. The Montana Board of Housing is the only entity to provide this service.\u201d<\/p>\n<\/p>\n

Renewed communication efforts<\/h2>\n<\/p>\n

As for why the state is interested in spreading more awareness about the RAM program now, the spokesperson cited the economic circumstances faced by the state\u2019s seniors as a key reason.<\/p>\n<\/p>\n

\u201cThe board hopes to increase knowledge of this program for the elderly in Montana and offer this option to help with costs that surpass what can be paid by social security or other pension receipts,\u201d they said. \u201cSince the RAM proceeds don\u2019t need to be paid back until the home is vacated, additional funds become available without incurring further debt. We hope those monthly payments provide peace of mind and assist in our RAM participants\u2019 quality of life.\u201d<\/p>\n<\/p>\n

That being said, the reputational issues faced by the wider reverse mortgage industry have also been faced by the RAM program, which may have depressed consumer demand, according to both Cohen and the department\u2019s spokesperson.<\/p>\n<\/p>\n

\u201cReverse Annuity Mortgages scare some seniors because of scams that have taken place by some providers of such financing,\u201d the spokesperson said. \u201cFor this reason, we require counseling and have staff available to speak directly with participants and their families about any issues they may have. Payments we can provide often cover costs of medications or shortfalls concerning income to help pay monthly expenses for food or utilities.\u201d<\/p>\n<\/p>\n

The spokesperson also mentioned a borrower\u2019s success story granted by the program.<\/p>\n<\/p>\n

\u201cOne borrower mentioned to staff that she was having to sell her furniture a piece at a time to help pay for her medication but was able to stop when she started receiving the RAM monthly payments,\u201d they said.<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

The Montana Board of Housing is aiming to remind the state\u2019s seniors about a government-administered program that is specifically designed to help older adults access their home\u2019s equity \u2014 and it should be very familiar to members of the reverse mortgage industry. 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