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Seniors in Montana may find it difficult to cope with their monthly expenses, recurring bills and even debts accrued while they were still in employment. With most seniors lacking a regular source of income, it can be difficult to access credit. However, with a Montana reverse mortgage, any senior homeowner can qualify for an amount that is similar in value to the equity in their home. This mortgage is available from many lenders in the state.

The most common reverse mortgage is the HECM from the HUD. Although the HUD and FHA set the guidelines for approval for this financial product, they do not give the loans. Their main function is to oversee the national housing industry and provide consumers with correct information on the home financial products they can access. The HECM loans are offered by lenders approved by the HUD.

The FHA sets the equity home values for all counties across all states. A borrower can only apply for an amount that is within the limits in his area. The limits for most counties in Montana do not significantly vary from the national average. However, a few areas such as Sweet Grass, Helena and Bozeman counties have limits that are about $100,000 higher than the national average.