Financial Assistance
Reverse Annuity Mortgages
Many seniors in Montana own their own homes and have little or no remaining mortgage debt. Many of these homeowners are living on fixed incomes. These homeowners may benefit from an additional income source from the use of equity in their homes. The Reverse Annuity Mortgage loans enable senior homeowners to provide more substantially for their own in-home and specialized care.
Per the Montana Board of Housing, the borrower must be at least 68 years or older, meet family income guidelines and the home must be located in Montana. The loan amounts range from a minimum of $15,000 to a maximum of $150,000 with a mortgage interest rate of 5 percent. The maximum loan amount is determined based on 80% of the FHA-determined property value.
Potential borrowers must complete a Reverse Annuity Mortgage counseling program in order to submit an application. Call 728-7682 for more information.
Property Tax Reduction/Credit (2EC)
The elderly homeowner credit is for your use if you are 62 years old or older, and meet certain Montana State resident criteria. A credit for your property taxes assessed or rent paid may be used against your state income tax liability or as a direct refund even if you are not required to file a Montana state tax return.
To see if you qualify for the credit, call 728-7682. For a downloadable form go to:
http://www.mt.gov/revenue/formsandresources/forms.asp
Low Income Prescription Assistance
There are several programs available for reduced costs prescriptions to income eligible seniors. To see whether you qualify or for more information, call our Senior Help Line at 728-7682 or go to Find More Benefits Program.
Low Income Energy Assistance (LIEAP)
Low Income Energy Assistance Program (LIEAP) provides heating assistance to those who qualify. To qualify you must meet federal income guidelines, provide proof of income and apply annually.
Also, those eligible for LIEAP may also be eligible for a 15 percent reduction on energy bills all year long from Northwestern Energy, Missoula Electric Cooperative and Mountain Water Company. LIEAP participants must also apply yearly for these discounts.
To find out if you qualify or for more information, call 728-7682.
Other Community Programs
Missoula has a variety of community based agencies, organizations and foundations available to assist seniors who fit their specific criteria. Some of these organizations include the Salvation Army, the Brondum Special Assistance Foundation and the AARP annual tax assistance program. To see if your special need can be met by one of these organizations, please call the Senior Help Line at 728-7682.
Medicaid Waiver
The Medicaid Waiver program addresses the needs of Medicaid eligible Montanans, who require assistance and support in meeting their on-going health needs, by developing, managing, and funding home based care. This fosters independence, contains costs, and provides options to seniors. Medicaid waiver programs are federal and state partnerships responding to the need for alternative long term care systems. For more information on eligibility requirements, contact the Case Manager at Missoula Aging Services, 728-7682.