Is a reverse mortgage is right for you?

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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 BenefitFreedom Ultra® CheckingFreedom Plus® Relationship CheckingFreedom CheckingFreedom 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

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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