M&T Bank : Reverse Mortgage FAQs
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Reverse Mortgage FAQs

    • What is a reverse mortgage?
    • How much money will be available to me?
    • How can I receive payments?
    • How do I qualify?
    • What costs and fees are associated with a reverse mortgage?
    • How much cash will I have to come up with for closing costs?
    • What are the tax consequences of a reverse mortgage?
    • How will a reverse mortgage affect my government benefits?
    • Can my credit history influence my ability to get a reverse mortgage?
    • What kinds of homes are eligible for a reverse mortgage?
    • Will I continue to own my home?
    • Can a reverse mortgage lender take my home away?
    • When must a reverse mortgage loan be repaid?
    • What kinds of reverse mortgages are available?
    • Are reverse mortgage interest rates fixed or variable?
    • How is a reverse mortgage like a home equity loan? How is it different?
    • Can I refinance a reverse mortgage like a traditional home mortgage?
    • If I have an existing first or second mortgage, can I get a reverse mortgage?
    • Can I get a reverse mortgage on a second home or resort property?
    • Would a home that is in a "living trust"/ "life estate" be eligible for a reverse mortgage?
    • If I obtain a reverse mortgage, will I still have an estate that I can leave to my heirs?
    • Must my heirs sell the property to repay the reverse mortgage loan?
    • What is "TALC" and why should I know about it?
    • Why must I meet with a counselor before completing my reverse mortgage application?
    • How can I get started?

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NMLS # 381076

Reverse Mortgages are available in DE, DC, MD, NY, NJ, PA, and VA. Consult your Social Security, Medicare, tax or other financial advisor to determine how Reverse Mortgage payments may affect your particular situation. 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. This material was not developed by HUD or FHA nor approved by them.

 
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