Bank of America’s Reverse Mortgage Acquisition Is Well-Timed
Amid continued upheaval in the housing market, Bank of America Corp.’s foray into reverse mortgage lending is about the safest bet it can make, economists said.
Last week, the Charlotte, N.C.-based bank agreed to purchase Reverse Mortgage of America, a division of Seattle Mortgage Co., for an undisclosed amount. When the deal closes later this quarter, the unit will function under the masthead of BofA’s home equity group, which has remained a frontrunner in home equity, with $90 billion in outstanding balances. Read More:
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[...] Until fees come down, as they are with the entrance of the big players such as Countrywide, Wells Fargo and Bank of America the clear cut benefit of the loan will always have its detractors. Especially those retirement gurus that tell you to save, be thrifty and leave your cash to your kids. While there is some formula in there I buy into, the jury is still out. The St Louis Dispatch has a good articles in the pros and cons of the loan. [...]