Archive for the 'Banks' Category
MetLife Bank Completes Acquisition Of EverBank Reverse Mortgage
MetLife Bank N.A., a unit of MetLife Inc., has completed its acquisition of EverBank Reverse Mortgage LLC of Bloomfield, N.J., from its parent, EverBank Financial Corp. EverBank Reverse Mortgage will be a wholly owned subsidiary of MetLife Bank. Terms of the agreement, which was announced on April 3…
Reverse Mortgages Propel New Business for Banks
Low risks, a federal guarantee and an aging population manufacture for rapid growth
Several banks in New Jersey are reporting a surge in business from reverse mortgages, a design of lending where individuals above the age of 62 can borrow money secured by their home equity, prepare no monthly repaym…
First Midwest takes reverse stance on mortgage loans
First Midwest Bancorp Inc., one of the Chicago area’s biggest locally headquartered banks, has restructured its mortgage practice to reflect a bigger emphasis on reverse mortgages instead of mortgage originations.
“We have a little older clientele, and from instance to date, as part of …
Bank Regulator Sounds Alarm on Reverse Mortgages
In late-night commercials, a pitchman such as Robert Wagner (who starred in the early-’80s series “Hart to Hart”) explains that reverse mortgages are a way for public 62 or older to achieve financial shield by tapping their home equity. The homeowners never have to prepare a paymen…
