Abstract:
The Bank of America offers several reverse mortgage products, like Reverse MortgageTM Platinum, Home Equity Conversion Mortgage, to the senior citizens of the country. In this paper we will discuss about that.
The Bank of America offers reverse mortgage to the senior citizens so that they can enjoy their life after retirement. It does not ask for any credit score while offering reverse mortgage to someone.
The amount of reverse mortgage loan depends upon several factors like, existing debt, medical expenses etc. The loan amount is directly proportional to the age of the home.
Eligibility:
(1) The borrower should be a senior citizen, at least 62 years of age, of America.
(2) The borrower should buy their own home.
(3) The candidate's existing mortgage balance has to be paid off at the time of closing.
(4) The borrowers home has to be an eligible property type.
Type of Reverse Mortgage Product:
The reverse mortgage products offered by the Bank of America are of two types: Senior Equity Reverse Mortgage TM Platinum and Home Equity Conversion Mortgage.