MetLife has executed a purchase agreement whereby it will acquire EverBank Reverse Mortgage LLC of Bloomfield, N.J., from its parent, EverBank. It is expected that EverBank Reverse will be a division or operating subsidiary of MetLife Bank, a direct subsidiary of MetLife Inc.
Terms of the agreement were not disclosed, and the deal is expected to be finalized by July 31.
‘MetLife Bank added reverse mortgages to its product portfolio in 2007,’ notes Donna DeMaio, president of MetLife Bank. ‘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.’