Bank of America Reverse Mortgage

Bank of America announced in February 2011 that they were exiting the reverse mortgage business. "We made the strategic decision to exit the reverse business due to competing demands and priorities that require investments and resources be focused on other key areas of our business," said Doug Jones, Consumer Sales and Institutional Mortgage Services executive for Bank of America Home Loans. In December 2011, Bank of America announced that they were selling close to $18 billion in servicing rights to Nationstar Mortgage.

Prior to leaving the HECM business, Bank of America had close to 10% of the reverse mortgage retail market and almost as much as 20% of the wholesale reverse mortgage market.

Existing Customers

If you are an existing customer with a Bank of America reverse mortgage, you may contact their customer service department at (866) 863-5224.

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First National Bank

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First National Bank is one of the fastest growing reverse mortgage lenders in the country. Their licensed loan officers are experienced in dealing with reverse mortgage loans. The bank is one of the most respected and well known HECM lenders.