Montana § 90-6-506 - Repayment Or Termination Of Reverse Annuity Mortgage Loan
Full text of Montana Montana Code Annotated § 90-6-506 — Repayment Or Termination Of Reverse Annuity Mortgage Loan, with citation guidance and answers to common questions.
§ 90-6-506. Repayment Or Termination Of Reverse Annuity Mortgage Loan
Repayment or termination of reverse annuity mortgage loan. (1) The mortgagor shall repay the reverse annuity mortgage loan as provided in this section. (2) Repayment of any part of the reverse annuity mortgage loan is not required prior to the maturity of the loan and while the mortgagor resides on the secured property. The mortgagor may pay the outstanding loan balance in full at any time without penalty. (3) The reverse annuity mortgage loan matures, advances under a reverse annuity mortgage loan terminate, and the entire unpaid balance of the loan plus accrued interest becomes due and payable only upon the occurrence of any of the following events: (a) the death of the last surviving mortgagor; (b) the sale or other transfer of the secured property to a person other than any of the original mortgagors; (c) vacation of the secured property by the mortgagor, whether voluntarily, involuntarily, or pursuant to legal process; or (d) any other occurrence that materially decreases the value of the property securing the loan or that will have the likely effect of causing the loan to not be repaid. (4) Any occurrence allowing the termination of a loan as provided in subsection (3)(d) must be clearly recited in the mortgage, deed of trust, or trust indenture. (5) Payment of the reverse annuity mortgage loan may not be required from any source other than the secured property.
Source: official Montana text · Last verified 2026-08-27
Frequently Asked Questions About Montana § 90-6-506
What does Montana Code Annotated § 90-6-506 cover?
Section 90-6-506 ("Repayment Or Termination Of Reverse Annuity Mortgage Loan") is part of the Montana Code Annotated, the codified statutory law of Montana. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite Montana § 90-6-506?
A common citation format is "Montana Code Annotated § 90-6-506" (Montana). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of Montana law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Montana official source linked on this page or consult a licensed Montana attorney.
How does Montana § 90-6-506 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Montana can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in Montana.