Bank of America Exits Reverse Mortgage Business

Bank of America, the second largest reverse mortgage lender in the country behind Wells Fargo, is shutting its doors to reverse mortgages so that it can focus on its core business. The North Carolina-based lender will continue to serve those who already have an existing reverse mortgage with it.

Its decision to exit had a lot to do with declining property values, lost income, and its small share of its overall business, according to data and experts, including a Bank of America executive, who spoke with AOL Real Estate.