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Reverse Mortgage News for Seniors
Senior Citizens Craving for Reverse Mortgages Leads
Bank of America to Acquisition
Reverse Mortgage of America now part of giant
financial institution
 July
6, 2007 As the latest sign of the growing popularity among senior
citizens of reverse mortgages, Bank of America announced last week the
purchase of Reverse Mortgage of America, which was the name used by
Seattle Mortgage Company to market reverse mortgages. Settle Mortgage is
an indirect subsidiary of Settle Financial Group.
Clearly, Bank of America has its eye on the
millions of aging baby boomers that will soon be eligible for reverse
mortgages. Reverse mortgage loans require that the borrower be a
homeowner, 62 years of age or older; own one's home outright, or have a
low mortgage balance, and must live in the home.
"Today's baby boomers desire financial independence
but often lack the savings to stay in their homes and fully enjoy their
retirement years," said Floyd Robinson, president of Bank of America
Consumer Real Estate and Insurance Services Group.
"Now they can turn to Bank of America, the nation's
largest consumer bank and trusted financial partner to more than 50
million consumer households, for the expertise and service capability to
meet their financial needs."
"Seattle Mortgage has been the gold standard in the
reverse mortgage industry. We are excited about the opportunity to now
integrate their sales and service expertise with our superior
distribution and delivery platform," said Colin McCormick, Reverse
Mortgage Product executive.
John Nixon, formerly executive vice president and
COO of Reverse Mortgage of America, is now Bank of America's reverse
mortgage origination executive.
"Our sales and service teams are excited about
joining Bank of America, the nation's premier consumer financial
services organization," Nixon said.
"We now have the distribution and delivery power to
reach more seniors who are actively seeking innovative financial
solutions to meet their retirement needs. We also expect to expand our
commitment to the wholesale channels by providing them with even more
innovative products in the coming year."
About Bank of America
Bank of America is one of the world's largest
financial institutions, serving individual consumers, small and middle
market businesses and large corporations with a full range of banking,
investing, asset management and other financial and risk-management
products and services. The company claims unmatched convenience in the
United States, serving more than 55 million consumer and small business
relationships with more than 5,700 retail banking offices, through more
than 17,000 ATMs and award-winning online banking with more than 21
million active users.
Bank of America is the No. 1 overall Small Business
Administration (SBA) lender in the United States and the No. 1 SBA
lender to minority-owned small businesses. The company serves clients in
175 countries and has relationships with 98 percent of the U.S. Fortune
500 companies and 80 percent of the Global Fortune 500. Bank of America
Corporation stock (NYSE:BAC)
is listed on the New York Stock Exchange.
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