Montana's reverse mortgage program could have room for industry collaboration

The RAM program, unique to Montana, distinguishes itself with lower interest rates and a higher qualifying age, targeting the state's senior population effectively.

Cohen noted, 'With no origination fees and costs for title and appraisal included in the loan amount, we aim to minimize fees for our borrowers.'

She explained that the RAM program has only managed to document 241 loans since 1989, emphasizing the program's limited scale and its specific eligibility criteria.

Cohen elaborated on the program's capacity, stating, 'As loans are paid off, there's potential for an increase in funding, allowing us to assist more seniors.'

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