MetLife (NYSE:MET) and Genworth (NYSE:GNW) may not be the only insurance powerhouses in the reverse mortgage business in 2012.
While there have been rumors floating around for the last few months that New York Life, one of the largest mutual life insurance companies in the United States, was looking to enter the space, a new job opening confirms the company plans to enter the reverse mortgage business.
According to the job description, the company is looking for someone to oversee all financial reporting and business planning elements of its Home Equity Income Solutions (HEIS) business line. New York Life describes its HEIS business as a “proprietary approach to the reverse mortgage market.”
During the National Reverse Mortgage Lenders Association annual conference in Boston earlier this year, New York Life discussed offering some type of proprietary reverse mortgage product during meetings with several key industry leaders according to RMD sources. Whether or not HEIS will include a proprietary product isn’t yet known.
New York Life has several relationships with AARP to offer life insurance and lifetime income products to its members and a source who spoke with the company in Boston said it’s looking at doing the same thing with reverse mortgages.
It’s not clear when the company will launch the new business line and the company declined to comment specifically on its reverse mortgage plans.
“The company is always looking at new business opportunities,” said a company spokesman in an email to RMD. “However, it is company policy not to comment on rumors or speculation. Our practice is that when we have news to announce we do so promptly.”
While the company might call this speculation, it’s the first public confirmation from one of the largest mutual life insurance companies that it is gearing up to possibly enter the reverse mortgage business.
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