Wells, Bank of America Go 'Reverse' Route

BOSTON (TheStreet) -- As 79 million Baby Boomers march toward retirement, Wells Fargo WFC, Bank of America BAC and MetLife MET are there to offer reverse mortgages. The three companies account for 52% of the retail and wholesale reverse-mortgage marketplace, according to Reverse Market Insight. Ten lenders, which also include Genworth Financial GNW, make up 89% of the market. Reverse mortgages may provide an attractive opportunity for the growing number of retirees looking to make additional money or reduce the likelihood of running out of money. Financial advisers have been saying Americans are ill-prepared for retirement, especially after the stock-market collapse and deep recession of the past two years. To read the rest, head over to Market News and Data brought to you by Benzinga APIs

© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.