Liberty Bank’s Delmato earns reverse mortgage designation

, is one of only 28 people nationwide and the first banker Connecticut to achieve the Certified Reverse Mortgage Professional (CRMP) accreditation.

The new professional designation is awarded by the National Reverse Mortgage Lenders Association (NRMLA), a consumer advocacy group.

Accreditation is granted based on industry experience, a continuing education requirement, including an ethics course, as well as passing an exam and background check.

A reverse mortgage loan enables individuals aged 62 or older to convert some of their home equity into cash. Unlike a traditional mortgage or equity loan, no repayment is required until the home is no longer the principal residence.

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 Loan proceeds can be used for any purpose the borrower chooses, such as to supplement income, eliminate monthly payments, provide in-home care and for home repair/improvements.

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