In 1998 Borman purchased a cattle ranch in the Bighorn Mountains of southern Montana, running 4,000 head of cattle on . In addition to tending cattle, Borman continued his hobbies in rebuilding and modeling aircraft. Notably, he owned and painstakingly rebuilt a very rare World War II single-engine fighter, the Bell P-63 Kingcobra. It won the prestigious Grand Champion Warbird award when Borman exhibited it at Oshkosh in 1998. He also personally flew it in airshows. He is a member of the Society of Antique Modelers (SAM). Since 1998 he has lived in Billings, Montana. His wife Susan suffers from Alzheimer's disease, and he spent much of his time caring for her. Eventually she was placed in a nursing home, where he visits her each day.