As a final step in aligning with EverBank – its parent company – BNY Mortgage Co. LLC has officially changed its name to EverBank Reverse Mortgage LLC. EverBank purchased Bank of New York's interest in BNY Mortgage in March, and since then, the company has focused exclusively on expanding its reverse mortgage business nationwide.
EverBank Reverse Mortgage anticipates that the number of older Americans securing reverse mortgages will increase by 50% this year. The company has introduced Reverse Select, the first fixed-rate jumbo reverse mortgage. Reverse Select is specifically designed to suit the needs of older Americans who want more cash than a traditional reverse mortgage and the added financial certainty of a fixed interest rate for the life of the loan, EverBank Reverse Mortgage says.
EverBank Reverse Mortgage has also moved its national headquarters from West Paterson, N.J., where it inhabited a Bank of New York building, to an EverBank facility at 1455 Broad St. in Bloomfield, N.J.