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Rule Title: INCOME LIMITS AND LOAN AMOUNTS
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Department: COMMERCE, DEPARTMENT OF
Chapter: BOARD OF HOUSING
Subchapter: Reverse Annuity Mortgage Act
 
Latest version of the adopted rule presented in Administrative Rules of Montana (ARM):

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8.111.405    INCOME LIMITS AND LOAN AMOUNTS

(1) The annual income limits to be eligible for a reverse annuity mortgage loan shall not exceed 200% of the poverty level per household size as set forth by the U.S. Department of Health and Human Services, changing each year.

(2) A loan amount may not exceed 80% of the appraised value of the property. The board will set the maximum dollar amount of a loan which amount may be changed by the board. The minimum dollar amount of a loan is $15,000.

History: 90-6-104, 90-6-106, 90-6-507, MCA; IMP, 90-6-104, 90-6-106, 90-6-503, MCA; NEW, 1990 MAR p. 1783, Eff. 9/14/90; AMD, 1993 MAR p. 1207, Eff. 6/11/93; AMD, 1994 MAR p. 577, Eff. 3/18/94; AMD, 1995 MAR p. 2801, Eff. 12/22/95.


 

 
MAR Notices Effective From Effective To History Notes
12/22/1995 Current History: 90-6-104, 90-6-106, 90-6-507, MCA; IMP, 90-6-104, 90-6-106, 90-6-503, MCA; NEW, 1990 MAR p. 1783, Eff. 9/14/90; AMD, 1993 MAR p. 1207, Eff. 6/11/93; AMD, 1994 MAR p. 577, Eff. 3/18/94; AMD, 1995 MAR p. 2801, Eff. 12/22/95.
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