BofA exits reverse mortgage lending
By admin on Feb 5, 2011 in Topics
Bank of America (BAC: 14.29 -0.97%) said Friday it will no longer originate reverse mortgages as it continues to shake up its core business.
A reverse or Home Equity Conversion Mortgage allows the borrower, who must be at least 62 years old, to convert a portion of the equity in the home for cash. No repayment [...]
