MetLife Reverse Mortgage Information and Recent Developments

MetLife offers a variety of reverse mortgage products to help homeowners tap into their home's equity.

Reverse mortgages are available to homeowners who are 62 years or older and have a significant amount of equity in their home.

The loan amount is based on the home's value, age, and interest rate, and the funds can be received in a lump sum, monthly payments, or a line of credit.

Homeowners can use the funds for any purpose, such as paying off debt, making home improvements, or covering living expenses.

MetLife's reverse mortgage products are insured by the Federal Housing Administration (FHA), which provides a layer of protection for borrowers.

Some recent developments in the reverse mortgage industry include changes to the FHA's loan-to-value ratio and the introduction of new product offerings.

MetLife is shutting down its reverse mortgage business and selling its servicing portfolio to Nationstar Mortgage. The company's spokesman, John Calagna, said the business no longer made sense for MetLife.

As of April 26, the wholesale and correspondent business will close, and the retail business will close on April 30. This decision affects roughly 500 positions nationwide.

Nationstar Mortgage, the buyer of the servicing portfolio, recently entered the reverse mortgage business by purchasing Bank of America's reverse mortgage portfolio in December.

MetLife, one of the largest insurers in the U.S., is exiting the reverse mortgage business. The company will sell its reverse mortgage division to Nationstar Mortgage of Texas.

The decision to exit the reverse mortgage business was made after MetLife determined it no longer made sense for the company. As an insurance company, MetLife's primary business is not banking, and the reverse mortgage operation was less than 2% of its overall business.

MetLife will sell its reverse servicing business to Nationstar Mortgage, which will also acquire its MSR portfolio worth $80 billion.

The reverse mortgage division included roughly 500 positions nationwide, which will be eliminated. MetLife is hopeful that the talented employees in the reverse business will quickly find positions with other mortgage entities.

Nationstar Mortgage, the buyer of MetLife's reverse mortgage division, currently services more than 600,000 residential mortgages totaling nearly $107 billion in unpaid principal balance.

The MetLife Family Reverse Mortgages offer a range of benefits for homeowners age 62 and older.

You can receive funds as a lump sum, monthly payments, line of credit, or combination, and funds don't need to be repaid until you leave the home permanently.

One of the key eligibility requirements is being 62+, owning your home outright or paying off existing mortgages with proceeds, and using the home as your principal residence.

A reverse mortgage is a loan that allows homeowners age 62 or older to tap into the equity that's been built up in their home.

You retain ownership and can choose how to use the funds, though it's not advised to invest proceeds due to costs.

MetLife Bank offers a free educational video and information kit that explains all the benefits, eligibility requirements, and cost implications.

The loan is repaid when you pass away or permanently move out of the home.

You can request this free, no-obligation material by calling Percy Ihara, CSA at 368-6747 or toll-free at 1-866-369-6747.

MetLife is a large and established company with a long history of providing insurance and financial services. Founded in 1868, it has been in business for over 150 years.

The company has a global presence with operations in over 40 countries. MetLife serves millions of customers worldwide, offering a wide range of products and services.

MetLife's business operations are designed to be efficient and effective, with a focus on delivering excellent customer service.

MetLife's reverse mortgage allows homeowners age 62+ to access their home equity through a loan. This loan is a game-changer for many seniors who are struggling to make ends meet.

You can receive funds as a lump sum, monthly payments, line of credit, or combination. This flexibility is one of the best things about reverse mortgages.

Eligibility requires being 62+, owning your home outright or paying off existing mortgages with proceeds, and using the home as your principal residence. It's a straightforward process that makes sense for many homeowners.

You retain ownership and can choose how to use the funds, though it's not advised to invest proceeds due to costs. This is a crucial thing to consider when deciding whether to take out a reverse mortgage.

Funds don't need to be repaid until you leave the home permanently. This is a huge relief for many seniors who are worried about making monthly payments.

MetLife has decided to exit the reverse mortgage business, selling its division to Nationstar Mortgage of Texas. This move comes after the company closed its forward residential funding division earlier this year, cutting 4,200 workers.

The reverse mortgage division included roughly 500 positions nationwide, which will be eliminated. MetLife had been one of the largest insurers in the U.S., but the business no longer made sense for the company.

Nationstar will also buy MetLife's reverse servicing business. The transaction is subject to certain regulatory approvals and other customary closing conditions.

MetLife's decision to exit the reverse mortgage business is not a reflection on the industry, but rather a result of the overall business climate. Banking regulations make it difficult to operate various lines of business, according to MetLife's Donna Demaio.

MetLife's exit from the reverse mortgage business leaves a void in the industry, with specialty lenders likely to pick up the slack.

A reverse mortgage can be a valuable financial tool for homeowners 62+. You can receive funds as a lump sum, monthly payments, line of credit, or a combination of these options.

You don't have to repay the loan until you leave the home permanently, which can give you peace of mind and financial flexibility.

To be eligible for a reverse mortgage, you must be 62+, own your home outright or have paid off existing mortgages with the proceeds, and use the home as your primary residence.

You retain ownership of your home and can choose how to use the funds, giving you control over your financial decisions.