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Find the Best Reverse Mortgages in Billings, MT

If you're an older homeowner with enough equity, and you want to supplement your income, a reverse mortgage is worth considering. You can use the funds for any purpose, keep the title to the home and don’t have to repay the loan until you no longer live there. The Billings Gazette has partnered with ConsumerAffairs to create this guide by comparing customer reviews and product offerings of 29 businesses and choosing seven favorites from the top reverse mortgage companies in Billings.

Companies pay ConsumerAffairs to be authorized, and the Billings Gazette and/or ConsumerAffairs may receive compensation when you click a link, call a number or fill out a form on this site.

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Different types of reverse mortgages in Billings

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Billings residents can use a reverse mortgage to pay off their mortgage, fund a home renovation, cover monthly expenses, invest, pay health care bills or even buy a home.

The most common types of reverse mortgages in Billings include:

  • Home Equity Conversion Mortgage: A Home Equity Conversion Mortgage (HECM) is the most common type of reverse mortgage. A HECM is federally insured, and the cash can be used for anything. To qualify, you must be at least 62, own your property outright or have paid down a large amount, live in the property as your primary residence, not be behind on federal debt, be able to continue to pay property taxes and insurance and participate in a counseling session. You have multiple ways to receive funds, including fixed monthly payments, a lump sum and a line of credit.
  • Proprietary reverse mortgage: Proprietary reverse mortgages are reverse mortgages backed by private companies. Lenders of these types of reverse mortgages have their own qualification requirements. Owners of higher-value homes may choose to get a proprietary reverse mortgage because it can have a higher borrowing limit.
  • Single-purpose reverse mortgage: Single-purpose reverse mortgages only allow funds to be used for a purpose specified by the lender, like making home repairs. They are the least expensive type of reverse mortgage and the easiest to qualify for. Single-purpose reverse mortgages are offered by local and state government agencies and nonprofits, but they aren’t available everywhere.

Billings reverse mortgage requirements

To qualify for a reverse mortgage in Billings, you generally must meet the following requirements:

  • You must be 62 or older (some lenders may have different age requirements).
  • You must own your home outright or have significant equity in the home.
  • You must live in the home as your principal residence.
  • You must be able to continue to pay property taxes, homeowners insurance premiums and other costs associated with owning the home.
  • You can’t be delinquent on any debts owed to the federal government.
  • For a HECM, you must meet with an approved counselor for an information session.

Reverse mortgage lenders will review your income, assets, living expenses and credit history before determining if you qualify for a reverse mortgage in Billings.

Billings reverse mortgage FAQ

What is the downside to a reverse mortgage in Billings?

Keep in mind, a reverse mortgage is a loan that you eventually have to pay back. As time goes by, interest and fees add up. The loan is usually repaid by selling the home, which affects how much you can leave to your heirs. Before you take out a reverse mortgage, educate yourself as much as possible. Understand all the situations when you might have to repay the loan before you were planning to. Shop around at various lenders. And be wary of reverse mortgage scams.

Who qualifies for a reverse mortgage in Billings?

In general, you must be at least 62, own your home outright or have paid down a significant amount of your mortgage, live in the home as your primary residence, have no delinquent federal debt and be able to afford property taxes and insurance in order to qualify for a reverse mortgage in Billings.

Can a reverse mortgage be refinanced in Billings?

Yes, you can refinance a reverse mortgage in Billings. You might be seeking to refinance a reverse mortgage to take advantage of lower interest rates or because your property value has risen and you want to borrow more, for example. Just be sure you are working with a trusted lender and review the terms carefully.

Billings reverse mortgage lender information

Finance of America Reverse

Finance of America Reverse is a leading reverse mortgage company. It offers HECMs, HomeSafe proprietary reverse mortgages and “reverse for purchase” options for those looking to move. Contact FAR for more information and to start the application process.

Finance of America Reverse

Liberty Reverse Mortgage

Liberty Reverse Mortgage has helped over 60,000 customers and funded over $7.5 billion in reverse mortgage loans. It offers HECMs and jumbo reverse mortgages for higher-value homes. Liberty’s “Iron Clad Guarantee” includes a promise to beat competitor offers and a commitment to close within 60 days. Billings customers can apply entirely from home and change their mind anytime before loan funding.

Liberty Reverse Mortgage

American Advisors Group

American Advisors Group offers various types of reverse mortgages, including HECMs, jumbo reverse mortgages that allow borrowers to withdraw up to $4 million and “reverse for purchase” loans. AAG pledges to guide clients through each step of the process and treat them as family. Call to speak with a trained specialist about a reverse mortgage in Billings.

American Advisors Group Learn More (800) 485-9418

Mann Mortgage

Mann Mortgage is a family-owned mortgage company in Billings that has been in business for over 30 years. It provides HECMs to homeowners who are at least 62. Customers can get more information online, over the phone or at Mann Mortgage’s office. You can visit the company at 2511 Montana Ave., Billings, MT 59101.

Mann Mortgage

Division Mortgage Group

Division Mortgage Group assists clients with purchasing homes, refinancing mortgages and getting reverse mortgages. Visit its website and answer a few questions to find out if a reverse mortgage is an option. Appointments are available on evenings and weekends. Division Mortgage Group is located at 1320 Division St., Billings, MT 59101.

Division Mortgage Group

Guardian Mortgage

Guardian Mortgage offers help to people in Billings purchasing a home, refinancing a mortgage and taking out a reverse mortgage. The company has over 60 years of experience. Contact Guardian Mortgage to set up a meeting. It is located at 705 Fifth St. West, Billings, MT 59101.

Guardian Mortgage

Motto Mortgage of Billings

Motto Mortgage of Billings offers a variety of loan programs, including reverse mortgages in Billings. Its goal is to provide a simple process and competitive rates and terms. Get a quick quote by filling out a form on its website. You can also visit Motto Mortgage of Billings at 517 S. 24th St. West, Ste. C, Billings, MT 59102.

Motto Mortgage of Billings