MetLife (NYSE: MET) announced today that GE Capital Financial Inc. (NYSE: GE) will acquire most of its depository bank business in a deal expected to close in the second quarter of 2012 under undisclosed terms. The bank announced in July it was looking for a buyer. The company’s reverse mortgage business will remain unchanged, a MetLife [...]

“Read the fine print,” advises Jennifer Lane, certified financial planner, in an interview with New England Cable News this week on the topic of reverse mortgages. “That’s why a lot of financial planners tell people to stay away from reverse mortgages.” Lane cites high closing costs as something borrowers should look out for, but says [...]

When it comes to mobility post-retirement, most people between the ages of 40 and 75 in the 30 major metropolitan areas plan to stay put, according to Ameriprise Financial’s New Retirement Mindscape 2011 City Pulse index. Choosing where to live after retirement depends heavily on an area’s cost of living, with 42% of Americans citing [...]

In case you missed it… here’s what happened in reverse mortgage news this week. A former loan officer got 41 months and $1.9 million in restitution in a Florida reverse mortgage scheme. The loan officer, who was found guilty in a $2.5 million reverse mortgage scheme that defrauded senior homeowners, Genworth Financial Home Equity Access [...]

Not much, is the short answer. For reverse mortgage borrowers in Oregon who were previously enrolled in the state’s tax deferral program for low income seniors, they suddenly became disqualified this fall with changes to the program. In its announcement of cutting the program, the state noted that the deferral program recovers funds from the [...]

Bank of America (NYSE: BAC) has agreed to a $335 million settlement in a widespread investigation by the Department of Justice that finds discriminatory lending practices in its Countrywide Financial mortgage unit. The settlement represents the largest residential lending settlement in history. The investigation found that 200,000 African American and Hispanic borrowers were held to [...]