Bank Of America Expands Reverse Mortgage Business

Bank of America, Charlotte, N.C., has made its Senior Equity Reverse Mortgage suite of products available in Georgia, North Carolina and South Carolina. Later this month, the bank will expand into Florida and northern California.

The company notes that this expansion into the Southeast follows its recent reverse mortgage acquisition from Seattle Mortgage Co., which marketed its products under Reverse Mortgage of America.

Senior Equity Reverse Mortgage Platinum, a proprietary product first introduced in Arizona last year, offers lower fees than government products and is available for home values up to $10 million. As part of the Senior Equity Reverse Mortgage suite of products, Bank of America is now also offering a Home Equity Conversion Mortgage (HECM).


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