Reverse Mortgage Loan Products and Services from BOA

Reverse mortgages are a relative new business for Bank of America. In 2007 BOA bought out Reverse Mortgage of America and absorbed its hefty reverse mortgage business into the BOA home equity division. Now the Bank of America reverse mortgage business is one of the more vigorous in the nation.

Bank of America offers senior customers two flexible reverse mortgage products, the U.S. Department of Housing and Urban Development’s Home Equity Conversion Mortgage, which is federally insured, and its own proprietary product, the Senior Equity Reverse Mortgage Platinum.

Senior Equity Reverse Mortgage Loans

The Senior Equity Reverse Mortgage Platinum borrower features include:

• Designed for senior homeowners age 62 or older.
• No credit check or income requirements.
• Remain permanent residents of their home.
• Retain title to the home and never owe more than the value of the home.
• Finance closing costs and fees and pay no money down at closing
• Leverage equity to buy a new home.
• Safeguard, or “preserve,” a percentage of the home’s equity for heirs (Equity Preservation component).
• Suitable for homes valued up to $10M.

Other flexible options: option to refinance without extra cost, option to draw more cash regardless of credit line.

Borrowers for either the HECM or the Senior Equity Reverse Mortgage are required to pay for fees associated with the loan processing and closing fees, between $2,000 and $10,000.

Interested to know exactly how much you’d qualify for with one of these products? Use Bank of America’s reverse mortgage calculator to find out.

Other Bank of America Products and Services

Before BOA was in the home equity and reverse mortgage business it grew its reputation on retail banking—products and services for individuals and businesses.

Outside of the standard personal checking and savings accounts, BOA is a key player in the investment and wealth management business and offers a flexible array of contemporary investment tools for personal and small business online and offline.

Corporate products and services include: financial advisors in every major area of business and industry, asset managers, investment traders, and global portfolio managers.