{"data":{"id":"us-mt/90-6-503","jurisdiction":"us-mt","citation":"90-6-503","heading":"Definitions.","body":"As used in this part, unless the context requires otherwise, the following terms apply:\n(1) \"Mortgage\" means a mortgage as defined in 90-6-103.\n(2) \"Mortgagee\" means the holder of a mortgage or its assignee.\n(3) \"Mortgagor\" means a person:\n(a) who is of lower income as determined by the board. In its determination of lower income, the board shall take into consideration the criteria in 90-6-103(16).\n(b) 68 years of age or older, except as provided on a case-by-case basis in accordance with program guidelines established by the board of housing;\n(c) who is the owner and occupant of a single-family dwelling; and\n(d) who has completed a reverse annuity mortgage counseling program approved by the board.\n(4) \"Reverse annuity mortgage loan\" means a loan in which loan proceeds are advanced to the mortgagor to provide a monthly tax-free cash payment for 10 years.\n(5) \"Single-family dwelling\" means a one- to four-family living unit.","path":["TITLE 90. PLANNING, RESEARCH, AND DEVELOPMENT","CHAPTER 6. COMMUNITY IMPACT -- PLANNING AND ABATEMENT","Part 5. Reverse Annuity Mortgage Loan"],"source_url":"https://mca.legmt.gov/bills/mca/title_0900/chapter_0060/part_0050/section_0030/0900-0060-0050-0030.html","current_through":"Montana Code Annotated 2025","vintage":"","retrieved_at":"2026-09-14T05:01:59Z","sha256":"160678619b9bae940111e5a867f5037f215dd44138878c6dfd218002e8022c32","source_id":"us-mt","stale":false,"prev":"us-mt/90-6-502","next":"us-mt/90-6-504"},"notice":"GroundRules: Original legal text. Not legal advice."}