Late Friday afternoon Metlife announced they had completed the acquisition of EverBank Reverse Mortgage. MetLife Bank entered into an agreement to purchase the reverse mortgage lender at the beginning of April and closed in less than 60 days for an undisclosed amount.
“With this acquisition, MetLife Bank now has a greatly expanded team of trained reverse mortgage specialists as well as industry-leading technology to support this business,” said Donna DeMaio, president, MetLife Bank. “This transaction enhances MetLife’s capabilities to help consumers meet their needs for a secure retirement.”
MetLife joins Genworth as the second major insurance company to purchase a reverse mortgage lender this year. According to the press release, reverse mortgages will continue to be offered under both the MetLife Bank and EverBank Reverse Mortgage brands. I would expect everything to go under the MetLife brand within the next few months.
So what’s next for MetLife Reverse Mortgage? According to the former EverBank Reverse employees I’ve spoken with, it’s business as usual and they are excited the deal is done. Congrats to everyone at EverBank and let me be the first to welcome Snoopy to the reverse mortgage business.