Today Metlife, Inc. announced the execution of a purchase agreement to acquire EverBank Reverse. According to the press release, EverBank Reverse is expected to be a division or operating subsidiary of MetLife Bank.
“MetLife Bank added reverse mortgages to its product portfolio in 2007. The acquisition of EverBank Reverse Mortgage will help us rapidly grow this business and strengthens MetLife’s position as an innovator in helping Americans make the most of what they have in retirement,” said Donna DeMaio, president, MetLife Bank.
MetLife is one of the largest insurance and financial services in the US and having a strong reverse mortgage presence makes a lot sense. Genworth bought Liberty Reverse last year and I’ve heard other large insurance companies are looking to get into the business as well.
Overall this is great news for the reverse mortgage industry. There has been so much negative press about our industry and having a large company like MetLife to help educate the public about reverse mortgages will definitely help that. Besides, who doesn’t like Snoopy?
The terms of the agreement were not disclosed and the deal is expected to close by July 31, 2008.