A financial services giant has expanded its ability to help older Americans tap the value of their homes.
MetLife Inc., New York, has completed previously announced plans 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 disclosed.
MetLife Bank began issuing reverse mortgages, or home equity arrangements aimed at older homeowners, in 2007.
For now, both MetLife and the EverBank Reverse Mortgage unit will sell reverse mortgages under their own brands, MetLife says.