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Those of you that read my earlier post, “How to Choose a Reverse Mortgage Lender,” might recall that Bank of America is the second largest reverse mortgage lender by volume in the entire country.Thus, BofA’s news that it was exiting the reverse mortgage business came as nothing short of a shock.
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· A reverse mortgage is a type of loan for seniors age 62 and older. Reverse mortgage loans allow homeowners to convert their home equity into cash income with no monthly mortgage.