Reverse Mortgage Loan Products and Services from BOA
Reverse mortgages are a relative new business for Bank of America. In 2007 BOA bought out Reverse Mortgage of America and absorbed its hefty reverse mortgage business into the BOA home equity division. Now the Bank of America reverse mortgage business is one of the more vigorous in the nation.
Bank of America offers senior customers two flexible reverse mortgage products, the U.S. 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.
Senior Equity Reverse Mortgage Loans
The Senior Equity Reverse Mortgage Platinum borrower features include:
- Designed for senior homeowners age 62 or older.
- No credit check or income requirements.
- Remain permanent residents of their home.
- Retain title to the home and never owe more than the value of the home.
- Finance closing costs and fees and pay no money down at closing
- Leverage equity to buy a new home.
- Safeguard, or “preserve,” a percentage of the home’s equity for heirs (Equity Preservation component).
- Suitable for homes valued up to $10M.
Other flexible options: option to refinance without extra cost, option to draw more cash regardless of credit line.
Borrowers 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.
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 Bank of America Products and Services
Before BOA was in the home equity and reverse mortgage business it grew its reputation on retail banking—products and services for individuals and businesses.
Outside of the standard personal checking and savings accounts, BOA is a key player in the investment and wealth management business and offers a flexible array of contemporary investment tools for personal and small business online and offline.
Corporate products and services include: financial advisors in every major area of business and industry, asset managers, investment traders, and global portfolio managers.
20 Responses to “Bank of America Reverse Mortgages”
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November 9th, 2009 at 6:20 am
we are polish-senior,66 and 68 old years,interesing REVERSE MORTGAGE ‘please contakt in polish lingue,tel.+48603226272
May 13th, 2010 at 2:44 pm
I am a Reverse Mortgage Lender since 2004 and we use Bank of America as our preferred lender 90% of the time. On May 7th 2010, Bank of America pays the MIP and we have brought our origination fee to zero. B of A also pays for the monthly servicing fee that used to be $25-$35 per month.
There are other lenders that are good, just not as good in customer service after the loan is completed. And that is important to the senior for the term of loan. Any questions, I would be happy to answer 800-880-7317
November 29th, 2010 at 3:57 pm
I owould like to know how much money I could get on my reverse mortgage lone from BA
May 2nd, 2011 at 2:47 pm
MY MOTHER RECENTLY GOT A REVERSE MORTGAGE. SHE IS ON SOC. SEC. SO THE BANK NOW OWNS HER HOME, SO WHY DOES SHE HAVE TO PAY PROPERTY TAXES ON A HOME THAT IS NOT HERS? ALSO SHE HAS TO PAY FLOOD INSURANCE, $1200 EVERY SEPTEMBER AND THE NEIGHBORS ACROSS THE STREET ONLY HAVE OT PAY $400. MOM IS ON A FIXED INCOME BUT YET HAS TO FOOT THE BILL ON SO MUCH THAT IS NOT HERS. SHE ALSO HAS TO PAY HOMEOWNER’S INSURANCE. ALL OF THESE COSTS ARE BREAKING HER DOWN. SO WHAT HAPPENS IF SHE CANNOT PAY FLOOD INSURANCE? AND IF SHE DOESN’T? AND LASTLY, CAN SHE DRAW OUT ANY EQUITY IN HER HOME AFTER 6 MONTHS OF DOING THE REVERSE MORTGAGE. CAN SHE EVER DRAW MONEY OUT. OF COURSE SHE WILL NOT HAVE TO IT BACK CORRECT? THANK YOU FOR YOUR TIME.
October 24th, 2011 at 2:43 pm
My Brother and I have a reverse mtg. serviced by BOA. we let our Insurance co. get the monthly payments direct from our bank.They send people to our home 6 times yearly to check to see if we still live in our home,then they claim we donot have insurance, then they buy insurance from their insurance provider and add it on to our bill, they have run up a large bill on us.We proved several times we have insurance from day one, they just keep on harassing us. We are both in our 80’s and do not need this
December 31st, 2011 at 1:19 pm
what is the answer to the question above. tell us what happens to judys mother will she live on the street
May 17th, 2012 at 12:36 pm
Your mother still hold title to the property therefore she has topay the taxes and insurance. The bank does not “own” the property only has a mortgage on the property. The bank will not take ownership of the property until your mother is not in the home for 12 consecutive months or signs a letter abandoning the property to the bank. She does not have to allow the bank to take the property the loan can be paid off. The flood insurance premuims are governed by FEMA. The premium is determenined by the position of the buiding on the 100 year flood plane. If her home is closer to the flood area by elevation than the neighbor across the street or even the home next door her premium will be higher than theirs.
September 11th, 2012 at 6:53 am
I can relate to your concerns. I got a reverse mortgage and B of A is the lender. I have to pay tx,ins,and flood ins. I have had one problem after another with B of A losing documentation they request and I’ve faxed AND mailed (3 times now), not to mention harassment by insp to my neighbors and myself proving it was being occupied by me. Which had been proven by 4 legal documents they requested. Also-I was never given a book or counseling session by the woman(salesmen)in the beginning or I wouldn’t have done this, I can’t afford this and am now so depressed I’m in counseling.
June 5th, 2013 at 9:56 am
Bank of America completely stopped offering Reverse Mortgages in February of 2011! If you would like to get current information on the available Reverse Mortgage programs in Virginia, please contact me @ 1-888-544-9369. I am a Virginia resident and local licensed loan originator that specializes in Reverse Mortgages and can provide complete unbiased details to anyone that is interested. Sam Draper NMLS #506604
April 17th, 2014 at 6:59 am
bank of america privacy
May 9th, 2014 at 8:50 am
I was told yesterday, May 8,2014, that Bank of America no longer does reverse mortgages. Does anyone know ?
September 2nd, 2014 at 12:16 pm
Our current mortgage is with Bank Of America. We are interested to convert to a Reverse Mortgage. Please list available options.
September 12th, 2014 at 8:57 am
If my house is worth over $700,000 and I owe approx. 215,000, what is the interest rate on reverse mortgage..plus, I own a multiple family…would I qualify?
March 27th, 2015 at 8:05 pm
Would like to know if you offer reverse mortgage to property in a non FHA I sured condo community
March 13th, 2017 at 11:44 am
Husband and wife get reverse mortgage. Can wife convey her interest to husband without accelerating debt?
May 26th, 2017 at 4:28 pm
I have had a reverse mortgage for many years now. Is there any way I can change to a “Flexible reverse Mortgage?”
August 29th, 2017 at 4:44 pm
i would like to take out a reverse mortage i am 65 my wife took one out 10yrs ago that party told me when i turn 62 i can take one outif it is possible thank you m rizzo
December 22nd, 2017 at 8:38 am
Hi – I am a long time customer of B.O.A. and am interested in a reverse mortgage.
Would like to have some information is possible.
Thank you for your time.
November 20th, 2018 at 11:54 pm
Hello I am both an American and an Australian citizen. Could I get a reverse mortgage on a property in Australia with BOA
May 16th, 2019 at 8:56 am
Does Bank of America do reverse mortgages for NH