Montana Code 90-6-504. Reverse annuity mortgage loan program
Current as of: 2023 | Check for updates
|
Other versions
90-6-504. Reverse annuity mortgage loan program. The board may make reverse annuity mortgage loans that are secured by a single-family dwelling located in this state. The loans must be made under terms and conditions adopted by the board pursuant to its authority under 90-6-104.
Terms Used In Montana Code 90-6-504
- Annuity: A periodic (usually annual) payment of a fixed sum of money for either the life of the recipient or for a fixed number of years. A series of payments under a contract from an insurance company, a trust company, or an individual. Annuity payments are made at regular intervals over a period of more than one full year.
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
- Mortgage: means a mortgage as defined in 90-6-103. See Montana Code 90-6-503
- Single-family dwelling: means a one- to four-family living unit. See Montana Code 90-6-503
- State: when applied to the different parts of the United States, includes the District of Columbia and the territories. See Montana Code 1-1-201