Webster Bank said it has started offering a reverse mortgage program sponsored by the Department of Housing and Urban Affairs.

The bank said no other based in the state provides the service.

The reverse mortgages enable borrowers over 62 years to convert equity in their homes into either a lump-sum payment, monthly income, or a line of credit, the bank said. Payments on the loan are deferred until the borrower no longer occupies the home as his or her primary residence, and the loan balance is not due until the borrower sells the home, moves, or dies, the bank said.

Webster, with $9.2 billion of assets, is the second-largest mortgage lender in Connecticut, with one of the top deposit market shares in Hartford, New Haven, and Litchfield counties.

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