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 flexible options: option to refinance without extra cost, option to draw more cash regardless of credit line.īorrowers 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. Safeguard, or “preserve,” a percentage of the home’s equity for heirs (Equity Preservation component). Finance closing costs and fees and pay no money down at closing.Retain title to the home and never owe more than the value of the home.Remain permanent residents of their home.No credit check or income requirements.Designed for senior homeowners age 62 or older.The Senior Equity Reverse Mortgage Platinum borrower features include: 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. Now the Bank of America reverse mortgage business is one of the more vigorous in the nation.īank of America offers senior customers two flexible reverse mortgage products, the U.S. In 2007 BOA bought out Reverse Mortgage of America and absorbed its hefty reverse mortgage business into the BOA home equity division. Reverse mortgages are a relative new business for Bank of America. Reverse Mortgage Loan Products and Services from BOA
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