COVID-19 Update 12-10-2020 Holyoke Credit Union will be expanding our drive-thru hours of operation. Starting on Monday, December 14, 2020, the Holyoke drive-thru will be open: Mon.-Thurs. 8AM-4PM, Fri. 8AM -5PM and Sat. 9AM-12PM. The W. Springfield and Feeding Hills drive-thrus will be open: Mon.-Thurs. 9AM-4PM, Fri. 9AM -5PM and Sat. 9AM-12PM. All branch lobbies will remain closed until further notice. All HCU ATMs remain open. Mobile banking, online banking and HCU's Member Solutions Call Center (413-532-7007) will continue to be available. To see a Member Service Representative call 413-341-0133 for Holyoke or 413-278-6840 for W. Springfield or Feeding Hills for an appointment.

Reverse Mortgage

Reverse Mortgages are a valuable financial tool for Holyoke Credit Union members who are age 62 or older. This loan allows you to convert the equity in your home into income and provides the opportunity to increase cash flow. A Reverse Mortgage can allow seniors to fully enjoy their retirement years, remain independent, and continue to live in their own home. The cash generated from your Reverse Mortgage can be used for any purpose, including home improvements, health care costs, travel, and so much more. You decide!


  • You retain the title to your home and can continue to live there
  • Easy access to the equity you have built in your home
  • Tax-free equity release
  • No required monthly mortgage payments
  • Lender has no claim on your income or assets other than the current market value of the home
  • Substantially reduces up-front costs compared to most reverse mortgage loans

 Best for people who:

  • Are 62 years of age or older
  • Do not have enough money to pay for long-term health care insurance
  • Want to get out from underneath an existing mortgage
  • Want the flexibility of having a credit line

 Other considerations:

  • The amount of funds available depends on:
    • Appraised value of home or maximum lending limit
    • Borrower’s age
    • Current interest rate
  • A counseling session with a HUD Approved Advisor is required
  • You have the responsibility of maintaining your home and paying property taxes and insurance
  • There are fees involved, such as origination fees, closing costs, servicing fees, and mortgage insurance premium
  • Substantially reduced closing costs saving you thousands
  • No payment is made until the home is sold or the owner permanently moves out or passes away
  • Applicants must meet residual income limits to apply
  • When the loan is due, the heirs have the choice of repaying the loan and keeping the house or selling the house and repaying the loan
  • As with any home-secured loan, you must keep current with property-related taxes, insurance, and maintenance for the loan to remain in good standing

 Speak to one of our Mortgage Specialists today to get more information on a Reverse Mortgage.