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MetLife expands reverse mortgage reach

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MetLife Inc. announced it has purchased EverBank Reverse Mortgage LLC from EverBank. The announcement said it will operate as a division or subsidiary of MetLife Bank, itself a subsidiary of MetLife Inc.

“MetLife Bank added reverse mortgages to its product portfolio in 2007,” says Donna DeMaio, president of MetLife Bank. “The acquisition of EverBank Reverse Mortgage will help us rapidly grow this business.”