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April e-News

FREE RI State Beach Season’s Pass!

Washington Trust is once again offering a FREE Rhode Island State Beach Season’s Pass to anyone who opens up a new checking account with a $50 recurring direct deposit. The beach pass can be used this summer at any of Rhode Island’s eight state beaches, including: Charlestown Breachway, East Beach, East Matunuck, Misquamicut, Roger Wheeler, Salty Brine, and Scarborough North and South.

Washington Trust checking account customers will receive a gift certificate for a Rhode Island state beach pass when their first $50 direct deposit is posted to their new checking account. There are also ways to receive a free beach pass if you are already a Washington Trust checking account customer. Click here to learn more.

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Home Improvement Projects – DIY or hire a contractor?

Your home is one of your greatest investments and taking care of that investment is critical to maintaining its worth. From small maintenance projects to large renovations, anything you do to your home will affect its value down the road. When it comes to home improvement projects you have a decision to make: do it yourself (DIY) or hire a professional contractor. Before making that decision, read on for some important points to consider.

Cost/ Expense

The biggest benefit to DIY projects is the cost savings of doing the work yourself. In any home improvement job there will be cost involved in obtaining materials. After that, most of the potential cost of the project will be related directly to time. If you hire someone, you are paying for their time, experience and guarantee. If you do it yourself, you'll save money but invest time. Ask yourself: How much is my time worth? A home equity line of credit might be right for your home improvement project. Click here to learn more.


Have you ever done this type of project before? Is it something that requires experience? If your project involves painting walls and trim, you could save money by doing it yourself, even if you've never painted before. It's pretty easy to learn and doesn't carry a high risk of injury or damage. However, hanging a door may be something much better done by someone who does this type of precision work for a living. After all, you can live with (or fix) a botched paint job but living with a door that doesn't close (or open) is a problem. When hiring a professional, be sure to find someone who has done this type of project before. And always check references!


What kind of dangers does your project entail? Use of tools and heavy equipment you are unfamiliar with can put you in danger. Improper wiring can be a fire hazard. Climbing a ladder certainly involves personal risk. Be sure to weigh the potential risks against the cost savings of doing a project yourself.


One of the greatest advantages to hiring someone, especially for a large job, is their access to resources. They should have contacts in the industry, be able to offer a variety of options for materials, and may even be able to get items at a discount. This is especially important to consider for a large project like building an addition or renovating a kitchen or bath, where you will want options to choose from for details like counter tops, lighting, faucets and other decisions you will live with every day.


When you do a project yourself, there is no guarantee it will be done correctly, especially if it is a first for you. This may be a risk worth taking with projects you're comfortable with, but consider the repercussions of having to hire a professional to fix a job you've bungled. When hiring a professional, be sure you understand what s/he will guarantee and for how long. The guarantee should include materials, workmanship, functionality and any other relevant aspect. Be sure to get it in writing before the job starts!

Besides saving money, doing a project yourself certainly produces an immense sense of satisfaction and accomplishment, especially when it is something you see every day. Just be sure you are confident you can safely and accurately complete the project before starting. And if you decide to hire someone to do it for you, be sure to shop around, check references and get that guarantee in writing.


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Is a Reverse Mortgage Right for You or Your Family?

If you're a homeowner age 62 or older, a reverse mortgage could be right for you. Use the cash to supplement your retirement income, finance home renovations, or pay for long-term health care coverage. There are many misconceptions when it comes to reverse mortgages. Continue reading to find the answers to many common reverse mortgage concerns many borrowers express.

“The lender will take my home.”
False - You are not required to repay the loan as long as one of the borrowers remains in the property and pays the taxes and insurance.

"I can owe more than my home is worth."
False - All reverse mortgages are non-recourse loans, which means that you can never owe more than what your home is worth regardless of the loan balance.

"A reverse mortgage is for someone who is poor".
False - Forward-thinking senior homeowners are choosing reverse mortgages to eliminate a monthly mortgage payment and convert the equity in their home into income. A reverse mortgage is a way for seniors to stay in their home and receive cash for any purpose - whether it's day-to-day living expenses, paying off existing debt, purchasing a second home, or traveling the world. Best of all, you retain the title to your home and remain living independently.

"I can use the money I receive from my reverse mortgage each month for any purpose."
True - Funds are tax-free and can be used for any purpose. And, you can decide on a payment that is right for you. You can receive payments as a lump sum, line of credit, or monthly payment for a specific term or for life.

"My heirs will be against the loan."
False - Based on the individuals we've already helped, children of seniors are usually in favor of this type of loan. The reverse mortgage provides the homeowner with financial independence, resulting in peace of mind for their children.

"My Social Security or Medicare will be lost."
False - A reverse mortgage is considered a loan and therefore is not included as income to determine eligibility for Medicare and Social Security.

For more information about a reverse mortgage and if it is right for you, please contact a Reverse Mortgage Specialist or visit one of our convenient locations. We look forward to assisting you!

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Shop Local – I Luv RI Coupons

Click here to browse local coupons


I Luv RI Peanut Butter Night at the PawSox


Enter to win tickets to the PawSox!



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Important Information about FDIC Insurance Coverage

System Maintenance

April 20, 2014
12:30 a.m. until 4:30 a.m.

Due to system maintenance, Online Banking and Mobile Banking will be unavailable on Sunday, April 20 from 12:30 a.m. until 4:30 a.m.