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Reverse Mortgages 

At Eastern Bank, we understand that the rising cost of living impacts many individuals, including mature adults living on fixed incomes. To help you convert the equity in your home into cash to supplement retirement income, we offer Reverse Mortgages.
 

With an Eastern Bank Reverse Mortgage, homeowners age 62 and older1 who own their home can take advantage of these benefits:

  Easy application process.

  The flexibility to receive payments the way you want. You can receive your funds in a lump sum, as monthly payments, as a line of credit or as a combination of these.2

  No monthly principal and interest payments as long as you live in the home and taxes and insurance are paid and the property maintained.

  Experienced professionals. Our Reverse Mortgage Specialists can help design a program to meet your needs. Locate an Eastern Bank Reverse Mortgage Specialist near you.

  Learn more about reverse mortgages.

 

To apply for an Eastern Bank Reverse Mortgage, you will need to:

  Speak with one of our Reverse Mortgage Specialists. Locate a Specialist near you.

  Attend a reverse mortgage counseling session given by a government-approved agency and obtain a certificate of
    completion.3

  Work with your Reverse Mortgage Specialist to complete a reverse mortgage application.

•  To learn more, please contact one of our Reverse Mortgage Specialists or refer to our reverse mortgage FAQs.

    1. Reverse mortgage products available to seniors as young as 60 years old through Homeowner Options for Massachusetts Elders (HOME).  HOME determines eligibility for these products.

    2. The amount of funds you may receive as a lump sum or a draw on a credit line is limited in the first year of the reverse mortgage.

    3. There may be a fee for this required counseling service.