We'll help you navigate the process, every step of the way.
Obtaining a reverse mortgage involves a number of steps, just like many other financial transactions. Below is an overview of the M&T reverse mortgage application process:
Step 1: Initial Discussion
- An M&T Reverse Mortgage Specialist will be happy to talk with you, either in person or over the phone, about how a reverse mortgage can enhance your current financial plan
- You will learn how a reverse mortgage works and approximately how much money you may be eligible to receive, and you'll get answers to your questions
- Friends or family members are welcome during these discussions, if that's your wish
- Our goal is to help you make an educated decision as to whether a reverse mortgage is right for you – then you can decide whether you want to take the next step
Step 2: Reverse Mortgage Counseling
- Reverse mortgage counseling is required, and the counselor must be approved by the U.S. Department of Housing and Urban Development (HUD) – this is to ensure that you'll have an independent review of the program and its costs, and that all of your questions will be answered
- You will learn more about any other government or nonprofit programs that you may qualify for
- This counseling is a government safeguard to be sure you're getting all the facts in order to make an informed decision
Step 3: Applying
Once counseling is complete, you can apply for your reverse mortgage with an M&T Reverse Mortgage Specialist, either in person or over the telephone. The specialist will ask you for a copy of the Counseling Certificate signed by the HUD-approved agency and a series of questions in order to complete the application for you. Once you sign it, you'll receive several loan disclosures.
Step 4: Appraisal/Inspection
Once you apply, an appraisal will be ordered to determine the market value of your home. An appraisal fee will be collected at this time.
Step 5: Underwriting
After the appraisal and other supporting documents are received, an underwriter will then review your application to determine if you and the property qualify.
Step 6: Closing
The final step of the process is the mortgage closing. If you prefer, this can take place in the comfort of your home. Closing costs can be paid directly out of the reverse mortgage proceeds, or you may choose to use your own funds to pay them at closing.
Request more information or an estimate.
Contact us today to ask questions or have your initial discussion with us.
Give us a call, and an M&T Reverse Mortgage Specialist can answer your questions – or we can arrange to meet at a location that is convenient for you.
Monday–Friday 8:30am–5:00pm ET
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