Nov. 13, 2008 at 12:15pm

Bank adds reverse mortgage service

Through a partnership with Security Reverse Mortgage Co. of Gig Harbor, Kitsap Bank is now offering reverse mortgages.

These mortgages are federally backed, regulated and insured by the Federal Housing Administration. They allow consumers who are 62 and older, own their own home and have equity in their home to turn the value of their home into cash in the form of a lump sum, line of credit, or monthly cash advance. Those who take advantage of a reverse mortgage typically do not have to pay anything until they sell or permanently move out of their home.

"Many of our customers are looking for a solution that will allow them to maintain their independence, and stay in their homes while remaining payment-free and financially secure," said James Carmichael, Kitsap Bank president and CEO. "Our decision to offer a reverse mortgage is part of Kitsap Bank's commitment to providing the community with products and services which enhance our neighbors' financial well-being."

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