January 7, 2008 (Westerly, RI). . . The Washington Trust Company has enhanced its Reverse Mortgage product line to include fixed rate Reverse Mortgages. A reverse mortgage is a loan that enables senior homeowners to convert their home equity into cash allowing them to remain living at home for as long as they wish. The number one reason individuals choose a reverse mortgage is to pay off an existing loan, to eliminate monthly payments. To be eligible, homeowners have to be 62 years of age or older.
"A fixed rate loan has broad appeal to those concerned about adjustable rate loans," said Brenda J. Archambault, reverse mortgage specialist for Washington Trust. "It offers great predictability for the future."
For more information and today's rates, go to www.washtrust.com or call 1-800-475-2265 to speak to a reverse mortgage specialist.
The Washington Trust Company is a subsidiary of Washington Trust Bancorp, Inc., a $2.4 billion corporation headquartered in Westerly, Rhode Island. Founded in 1800, Washington Trust is the largest independent bank and the oldest community bank in the nation, headquartered in Rhode Island. A state-chartered bank, Washington Trust offers a full range of financial services, including business banking, personal banking, and wealth management and trust services, through its offices located in Rhode Island, southeastern Connecticut and Massachusetts. The Corporation's common stock trades on The NASDAQ Stock Market under the symbol WASH. Web site address: www.washtrust.com.