The Holyoke and Feeding Hills lobbies are now open to limited traffic (Holyoke - 5 members & Feeding Hills - 3 members at any time). Masks are required and social distancing will be practiced. HCU's hours will remain the same, M - F 9am - 4pm, Sat. 9am - 12pm. The West Springfield branch will remain closed until further notice, however the West Springfield Drive-thru is now open. If you wish to meet with a Member Service Representative, please call for an appointment. For Holyoke, call Sharon Carter at 413-341-0133. For Feeding Hills, call either Marjorie Letasz or Beth Cook at 413-278-6840. We thank you for your understanding while we implement this "new normal"!
COVID-19 Update 10/07/2020 - West Springfield Drive-Thru is Reopening! - Starting on Tuesday, October 13, 2020, the drive-thru at Holyoke Credit Union's West Springfield Branch (333 Elm Street) will be open for business. The drive-thru only will be open Mon.-Fri. from 9-4 and on Saturdays from 9-12.

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.