BofA acquires Seattle Mortgage unit |
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Fri, 29 Jun 2007 20:16
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CHARLOTTE, N.C. (AP) - Bank of America Corp. said Friday it completed its buyout of Seattle Mortgage Co.'s reverse mortgage business.Financial terms of the deal were not disclosed. Seattle Mortgage is an indirect unit of Seattle Financial Group Inc.Former Chief Operating Officer John Nixon of Reverse Mortgage of America will now be Bank of America's reverse mortgage origination executive.A reverse mortgage is a financial tool available to seniors over the age of 62 that lets them take money out of their home to help fund their retirement, or obtain cash. The debt would be paid off once the home is sold, usually after the homeowner moves out, sells the home, or dies.Shares of Bank of America fell 32 cents to $48.77 in afternoon trading.Copyright 2007 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
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