Is a reverse mortgage is right for you?
Our experts can help you decide. If you're a homeowner age 62 or older, a reverse mortgage allows you to access the equity in your home to supplement your retirement income, finance home renovations, or pay for long-term health care coverage.
Reverse mortgage features
- A reverse mortgage is a loan that lets senior homeowners convert home equity into cash while living at home for as long as they want to
- You can receive payments as a lump sum, line of credit, or monthly payment for a specific term or for life
- Funds are tax-free for a specific term or for life and can be used for any purpose Borrowers continue to own their own home
- There is no monthly mortgage payment or credit qualifications, and the loan does not become due until the last borrower moves out, passes away, or sells the home.
- Property taxes and homeowner insurance must still be paid, and the property maintained to prevent default on the loan.
“Blockquote Block” If you're a homeowner age 62 or older, a reverse mortgage allows you to access the equity in your home to supplement your retirement income, finance home renovations, or pay for long-term health care coverage.
Common Misconceptions About Reverse Mortgages
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| Account Benefit | Freedom Ultra® Checking | Freedom Plus® Relationship Checking | Freedom Checking | Freedom eChecking® |
|---|---|---|---|---|
| No monthly fee |  | | | |
| Savings Transfer Overdraft Protection fee waived | | |
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- No monthly fee1
- Earns interest when a $1,500 minimum daily balance is maintained
- Free ATM use2
- Free checks3
- .50% off installment loan rates with automatic payment
- ATM fee refunds4 - say goodbye to fees from other banks
- Preferred rates on CDs & IRAs
- No fee money orders and cashier’s checks
- STOP (Savings Transfer Overdraft Protection annual fee waived ($20.00)
- Credit Reserve annual fee waived ($25.00)
- World Debit Black Card with higher transactional & withdrawal limits5
- Higher transaction limits with mobile check deposit6
- Free incoming domestic wire transfers
- Home Equity Line of Credit7 Benefits:
- Annual Fee waived
- .375% lower in each rate tier (both promo & non-promo Lines)
- Waived recording fees on Home Equity Loans8
- Free Online Banking, Mobile Banking, and Text Alerts
- Free Debit Card with Purchase Rewards
- Free Online Money Management Tool
- eStatements available
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1 Freedom Ultra Checking: Daily minimum balance of $15,000 required to avoid monthly service charge of $25.00; Freedom Plus Relationship Checking: No monthly service charge fee when your total consumer deposit and loan relationship with Washington Trust totals $5,000 or more - when total is below $5,000, the account charges a flat fee of $15.00 per statement cycle.
2 Other banks may charge for use of their ATMs
3 Freedom Ultra & Freedom Plus Accounts: Free checks are single wallet style;
4 Washington Trust will refund up to five fees from other domestic banks each statement cycle. May be subject to IRS reporting. Please consult your tax advisor.
5 World Debit Black Card offers a $3,500 per day point-of-sale transaction limit, and daily cash withdrawals of up to $1,000.
6 Freedom Ultra Level Mobile Check Deposit allows deposits of $7,500 per day and $15,000 per week.
7,8 Home Equity Lines of Credit and Home Equity Loans are subject to credit approval. Member FDIC
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