An insurer-owned bank is beefing up its ability to help older U.S. residents cash in on the value of their homes.
MetLife Inc., New York, has agreed to acquire EverBank Reverse Mortgage L.L.C., Bloomfield, N.J., from EverBank Financial Corp., Jacksonville, Fla., and make the unit part of its own MetLife Bank subsidiary.
The price of the deal was not immediately available.
MetLife hopes to complete the deal by July 31.
MetLife Bank began issuing reverse mortgages, or home equity arrangements aimed at older homeowners, in 2007, the company says.
The acquisition of EverBank Reverse Mortgage will help MetLife Bank grow its own reverse mortgage and strengthen MetLife’s position as a company that helps “Americans make the most of what they have in retirement,” says MetLife Bank President Donna DeMaio.