Timing critical to reverse-mortgage lender's exit

Seattle Mortgage settles class-action lawsuit as BofA also leaves market

By Inman News Feed
Add Comment Add Comment | Comments: 1 | Posted Mar. 9, 2011

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Seattle Mortgage entered the reverse mortgage industry in 1995. It had a loan portfolio of 40,000 reverse mortgages, totaling more than $4 billion in outstanding balances, when it sold Reverse Mortgage of America to BofA. Approximately 400 Seattle Mortgage associates joined BofA, including a retail sales force of more than 200 sales associates in 25 states and Washington, D.C.

Tom Kelly's book "Cashing In on a Second Home in Central America: How to Buy, Rent and Profit in the World's Bargain Zone" was written with Mitch Creekmore,  senior vice president of Stewart International, and Jeff Hornberger, the National Association of Realtors' international market development manager. The book is available in retail stores, on Amazon.com and on tomkelly.com.

 

                                         
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1. Anonymous said... on Jul 24, 2012 at 09:38AM

“I try to find a bank who makes reverse mortgages in Philadelphia, and unable to find it. Do you know, who are they?
A.H

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