Until now, Bank of America has laid low on the reverse mortgage front ever since the acquisition of Seattle Mortgage was completed. BofA recently announced that they are expanding its consumer reverse mortgage business to the Southeast, where it’s now offering its Senior Equity Reverse Mortgage™ Suite of products.
“Our new combination of proprietary products and industry leading government loan programs provides seniors with a choice of loan solutions to help meet their retirement needs,” said Colin McCormick, Bank of America Reverse Mortgage Product executive. “With our sales and service expertise, superior distribution and product innovation capability, and overall financial strength, Bank of America should be the first choice for seniors who are looking for reverse mortgage solutions.”
The Senior Equity Maximizer product that we covered a few months ago is now called the Senior Equity Reverse Mortgage Platinum and it looks like they will be adding a few more options to the Suite of products soon. I’m curious what will happen with Seattle Mortgages wholesale business now that BofA has officially left the “forward” wholesale business. I haven’t heard anything lately from the people at Seattle so I’m assuming it’s business as usual, but if anyone has any information please let me know. To see a copy of the press release from BofA click the link below.