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Bank of America expands reverse mortgage business to southeast

Bank of America has expanded its consumer reverse mortgage business to the southeast, making its senior equity reverse mortgage suite of products available in Georgia, North Carolina and South Carolina.

Later in November the bank will expand into Florida and Northern California. The expansion into the southeast follows the bank’s recent reverse mortgage acquisition from Seattle Mortgage Company, which marketed its products under Reverse Mortgage of America.

The Senior Equity Reverse Mortgage suite of products from Bank of America provides solutions for seniors to help meet a range of financial needs, including home improvement, medical costs, the elimination of monthly living expenses and lifestyle enhancements, all providing the ability to age in place, with financial security and confidence.

Colin McCormick, reverse mortgage product executive at Bank of America, said: Our new combination of proprietary products and industry-leading government loan programs provides seniors with a choice of loan solutions to help meet their retirement needs.