Washington Trust top reverse-mortgage lender in R.I.

WESTERLY – The Washington Trust Co. is the top reverse-mortgage lender in Rhode Island for two years ending June 30, according to reports released by the U.S. Department of Housing and Urban Development.
Washington Trust, Rhode Island’s largest independent bank by deposits, said it endorsed 122 reverse mortgages in that time period.
“In this economic environment, reverse mortgages are an excellent option for senior homeowners,” said Stephen M. Bessette, executive vice president, retail lending at Washington Trust. “Our reverse-mortgage specialists have helped more and more Rhode Island seniors achieve financial independence and remain in their own homes.”
Reverse mortgages, which have been available for several decades, essentially allow homeowners 62 and older to receive monthly payments, a line of credit or a lump sum based on the equity in their homes, with the understanding that the money will be paid back when the borrowers die or the house is sold. Under the loan terms, however, a borrower will never owe more than their house is worth.
Payments can be received as a lump sum, line of credit, or a monthly payment for a specific term or for life and can be used for any purpose.
It is one of the areas of the mortgage industry has grown amid the subprime meltdown last year.
Washington Trust Bancorp Inc. (Nasdaq: WASH) is the parent of The Washington Trust Co., a Rhode Island-chartered bank founded in 1800 that has offices in Rhode Island, Massachusetts and southeastern Connecticut. Additional information is available at www.WashTrust.com.