At the NRMLA conference BNY Mortgage announced that they were changing their name to EverBank Reverse Mortgage. This shouldn’t come as a huge surprise since back in March EverBank purchased Bank of New Yorks share of BNY Mortgage, which gave it 100% ownership of the company. “The reverse mortgage industry is experiencing rapid growth as older Americans seek a greater sense of financial well-being and peace of mind,” said Rob Clements, CEO and chairman of EverBank. “With the transition now complete, EverBank Reverse Mortgage can focus on continued growth and product innovation while providing superior service to its senior customers.”
This transition marks a few other changes in the company, including changing the name of their Prime Advantage Jumbo Reverse Mortgage to Reverse SelectSM. When the product was released back in May it was the first fixed-rate jumbo reverse mortgage. Recently the product underwent a few changes which now allows homeowners a variety of interest rate and origination fee options, as well as the ability to choose a monthly payment option in addition to the standard lump sum payment. “Reverse Select eliminates the uncertainty associated with an adjustable rate while offering a new level of flexibility, giving borrowers the comfort of knowing exactly how much money they will owe at any point in time. This is particularly helpful in the estate planning process,” said Robert Sivori, CO -President, EverBank Reverse Mortgage. Once I get more details on the Reverse Select I will be sure to post more details. To read a copy of the press release click the link below.