BNY Mortgage Co., a subsidiary of Bank of New York, was granted approval to originate reverse mortgages in Massachusetts.

Reverse mortgages enable elderly, cash-strapped homeowners to tap the equity from their homes to pay for living expenses. BNY is the first lender to be approved to make reverse mortgages in Massachusetts since a state law took effect in November.

Limited Time Offer

Save $400 off your subscription. Special offer ends April 30, 2017.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.