CONTACT: Elizabeth Eckel, SVP Marketing, 401-348-1309
DATE: March 27, 2006
Washington Trust Begins Offering Reverse Mortgages
March 27, 2006 (Westerly, RI) . . . . The Washington Trust Company has announced it is now offering reverse mortgages and is holding free informational seminars about the topic."Reverse mortgages allow older homeowners to stay in their own homes as long as they wish and have money available for their everyday expenses," said John C. Warren, chairman and CEO of Washington Trust. "The Bank's reverse mortgage program is especially important to Rhode Islanders, since our state has one of the largest concentrations of older homeowners per capita in the United States."
A reverse mortgage is a loan against the borrower's home that the borrower does not have to repay as long as they are still living in the property. The program allows older homeowners to access equity in their homes without having to make monthly payments and the loan does not become due until the borrower moves or sells the property.
Reverse mortgages help fill a void left by many typical loan products that are not available to many older homeowners due to their financial circumstances. Many individuals 62 and older are also retired and on a fixed income which may disqualify them for traditional products such as home equity loans and refinancing loans. Requirements for a reverse mortgage are that the borrower must own and occupy the home as their primary residence and they must be at least 62 years of age.
Brenda J. Archambault, of Narragansett, R.I., has recently joined Washington Trust as assistant vice president, mortgage lending, reverse mortgage specialist. Archambault brings more than 18 years of mortgage lending experience to Washington Trust and works out of the Bank's Narragansett branch at 20 Point Judith Road. In addition to educational outreach about reverse mortgages, she is also responsible for originating the mortgages. Archambault attended Bryant University and completed the Executive Development Program certificate at the University of Notre Dame and the Leadership Development Program certificate from Johnson & Wales University. She serves on the Parent Advisory Committee at A Place to Grow in Wakefield, R.I
Archambault will hold free, informational seminars at several of the Bank's branches. For more information or to register for a reverse mortgage seminar, please call Brenda J. Archambault at (401) 829-8911 or (800) 475-2265, ext. 6125.
The Washington Trust Company is the largest independent bank headquartered
in Rhode Island. A state-chartered bank, Washington Trust offers
a full range of financial services, including wealth management,
through its 16 branch offices located in Rhode Island and southeastern
Connecticut. Founded in 1800, the Bank is a subsidiary of Washington
Trust Bancorp, Inc., whose common stock trades on The NASDAQ Stock
Market® under the symbol WASH. Web site address: www.washtrust.com.
