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Reverse Mortgage Tips From M&T
 Understand Your Options
Reverse mortgages have helped hundreds of thousands of homeowners improve their quality of life in retirement. That doesn’t mean they are for everyone though. If for instance you’re considering a reverse mortgage solely for the peace of mind it provides, other options like a home equity line of credit should also be considered. The lender you work with should always be willing to discuss other options with you.
 Involve Others
Family members, friends and professional advisors can provide outside counsel if you’re unsure whether a reverse mortgage makes sense for you. The lender you select should welcome their participation in the process, if that’s your wish, and encourage everyone to ask as many questions as possible.
Lookout For Scams
As is the case with any product, there are always people who seek to take advantage of others. Things to look for include any person that attempts to sell you an annuity using the proceeds of a reverse mortgage. Or those who suggest a younger spouse, under age 62, should be removed from the title of your home in order to qualify. Either of these practices can have unfortunate consequences.
 Work With A Reputable Lender
M&T Bank is one of the country's most highly regarded regional banks. For over 150 years, we’ve built our business on a tradition of reliability and responsiveness to the needs of our customers, while adhering to the highest ethical standards. As an active member of NRMLA (National Reverse Mortgage Lenders Association), we subscribe to the NRMLA Code of Conduct (hyperlink to document) and Best Practices Standards created to protect borrowers from predatory lending practices associated with reverse mortgages. A reverse mortgage provider for over 10 years, our reverse mortgage specialists receive comprehensive training on how to protect the interests of our customers and prospective customers. Our mission is to help educate you about and guide you through the reverse mortgage process, so you can feel comfortable making an educated decision about whether a reverse mortgage is right for you.
Take Advantage Of The Process
The reverse mortgage application process requires that borrowers complete reverse mortgage counseling prior to applying. Although this is a simple step, and one that can be completed over the telephone if that is your preference, it is another opportunity to ensure you understand how a reverse mortgage works.
 Know The TALC
TALC is short for "Total Annual Loan Cost." It combines all of the costs of a reverse mortgage into a single annual average rate and can be very useful when comparing one type of reverse mortgage to another. Reverse mortgages vary in term of their features, benefits and costs. So it’s not always easy to compare "apples to apples." If you are considering a reverse mortgage, be sure to ask the lender to explain the TALC rates for the various reverse mortgage product options.
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