A Reverse Mortgage works just as the name suggests, instead of the homeowner paying the bank, the bank pays the homeowner.

A Reverse Mortgage enables senior homeowners, ages 62 and over, to convert some of their home equity into cash / tax-free* income – without selling their home or having to worry about making monthly payments. The bank is repaid later, once the home is sold or the estate is settled.

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