Today Metlife, Inc. announced the execution of a purchase agreement to acquire EverBank Reverse. According to the press release, EverBank Reverse is expected to be a division or operating subsidiary of MetLife Bank.
“MetLife Bank added reverse mortgages to its product portfolio in 2007. The acquisition of EverBank Reverse Mortgage will help us rapidly grow this business and strengthens MetLife’s position as an innovator in helping Americans make the most of what they have in retirement,” said Donna DeMaio, president, MetLife Bank.
MetLife is one of the largest insurance and financial services in the US and having a strong reverse mortgage presence makes a lot sense. Genworth bought Liberty Reverse last year and I’ve heard other large insurance companies are looking to get into the business as well.
Overall this is great news for the reverse mortgage industry. There has been so much negative press about our industry and having a large company like MetLife to help educate the public about reverse mortgages will definitely help that. Besides, who doesn’t like Snoopy?
The terms of the agreement were not disclosed and the deal is expected to close by July 31, 2008.
MetLife Buy EverBank Reverse Mortgage (CNNMoney)
Technorati tags: Reverse Mortgage, Reverse Mortgage News, EverBank, MetLife, HECM, FHA, HUD
Join the Conversation (0)
see all
This is a professional community. Please use discretion when posting a comment.
Share your opinion
You must Sign in with Linkedin to post a comment.
Good afternoon,
My name is Marcie Brown and I work for Accu Title as an independent agent. I have worked with several reverse lenders, but must say JB Nutter is very good. Did not have much luck with LLS.
I would like to add that if you do not have a title company that you are currently greatly satisfied with, I would love to have the opportunity to meet with a rep from MetLife and possibly talk about doing some future business together. I actually know one loan officer that works for MetLife in Tampa, FL as I worked with him before he joined the MetLife team.
I look forward to hearing from you and thank you for your time,
Marcie Brown
Escrow Officer
Accu Title Agency
6365 53rd Street North
Pinellas Park, Florida 33781
(727) 520-9500 Phone Ext 223
(727) 520-9501 Fax
(727) 515-0349 Cell
Talking to me is FREE, information from me is FREE and Selecting me to be YOUR title agent is INVALUABLE!