A Reverse Mortgage has a number of uses:
Consolidate Debt
 For many senior homeowners, making monthly payments on a home equity loan, mortgage, car loan, or credit cards can be challenging. This is especially true when rising interest rates cause payments to go up, yet fixed retirement incomes remain the same.
With a Reverse Mortgage from M&T, senior homeowners can eliminate their mortgage and home equity loan payments and often pay off revolving credit and debts.
M&T’s Reverse Mortgage can provide peace-of-mind by enabling you to eliminate a variety of monthly payments including:
- Home equity loans
- Mortgages
- Car loans
- Credit cards
- Other unsecured debts
Wealth Management
 Many senior homeowners, particularly those with substantial wealth built-up in their homes, want to put their hard earned home equity to work. For seniors interested in making the most of their home equity, M&T has the solution. By using a Reverse Mortgage to leverage the equity in your home, you can maximize the quality of your retirement while potentially reducing your total estate value subject to taxation. *
M&T’s Reverse Mortgage may be able to help you use your home equity for:
- Regular travel/vacations
- A new car
- A second/vacation home or time-share condo - Home improvements including remodeling/decorating
- Purchasing wealth transfer insurance
- Purchasing long term care insurance
- Providing an early gift inheritance to assist with a grandchild’s education or other needs
- Supplementing income due to the loss of a spouse or low interest rates
*Consult your tax advisor.
Pay for Healthcare
 Access to quality health care is an important issue for all Americans, but especially for seniors as the cost of prescription drugs, in-home care and physical rehabilitation continue to rise. With these increased costs, many seniors have difficulty coping due to their limited financial resources. Very often they find themselves having to choose between health care, heat, food or other necessities. At M&T, we offer senior homeowners a way to pay for health care expenses with a reverse mortgage and maintain their quality of life.
M&T’s Reverse Mortgage may be able to help you obtain extra cash for:
- Annual Medicare or private insurance deductibles
- HMO co-payments for doctor visits
- Prescription drug costs
- In-home caregivers
- Physical rehabilitation
- Durable medical equipment not covered by Medicare
- Medical supplies
- Any other medical expense
Home Improvements
 Your home is more than just a roof over your head. It contains a lifetime of memories, is a symbol of your independence and adds immensely to your quality of life. But over time, continuing to live in your home can present unique challenges. Activities once taken for granted can become more challenging and may necessitate making changes to improve accessibility, comfort and safety.
M&T’s Reverse Mortgage offers senior homeowners a way of improving their home in order to meet these special needs.
- A curbless shower for improved accessibility
- Handrails and grab bars
- A stair/chair lift
- A main floor laundry
- Improved lighting
- Elevated toilets
- Any other home improvement you can think of
* 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. |
