Will I continue to own my home?
Yes. Your name will remain on the deed until your home is sold or your estate is settled. However, a mortgage will be placed on your property, as would be the case with any real estate secured loan.

Is my home eligible for a Reverse Mortgage? Most 1-4 family owner occupied homes are eligible. Certain condominiums, town homes and planned unit developments may also be eligible. And if you have a larger home, M&T also offers jumbo Reverse Mortgage options. Ask an M&T Reverse Mortgage specialist for details.

Is it difficult to qualify for a Reverse Mortgage?
No, qualifying is easy. The amount you qualify for is based on the value of your home, the age of the youngest homeowner and the current interest rate. Income and credit history are not considered, so almost any senior homeowner can qualify.

How can I use the money from a Reverse Mortgage?
Other than having to pay off any existing liens on your property (a prior mortgage, home equity loan, tax lien, etc.), there are virtually no restrictions on how a Reverse Mortgage may be used. Funds may be used to pay off debt, make home improvements, pay monthly expenses including medical bills, buy a car, pay for a grandchild’s education, take a vacation, or practically anything else.

How can I get started?
Getting started is easy. An M&T Reverse Mortgage specialist can meet with you and provide an estimate of the funds available to you with M&T’s Reverse Mortgage. After completing Reverse Mortgage counseling, you can apply. To find out more, contact M&T Bank today at (888)-253-0712.

How can I receive payments?
Payments can be received in a variety of ways, which enables you to tailor a payout plan to meet your needs. You can receive tax-free payments in the form of a single lump sum payout, a check every month, a line of credit you can draw on as you need it, or any combination of these ways.*  

* Consult your Social Security, Medicare or other financial advisor to determine how Reverse Mortgage payments may affect your particular situation. Also consult your tax advisor.

** You must also continue to occupy your home as your primary residence, keep it in good repair, with all taxes and insurance premiums up to date. Subject to the terms of your mortgage.