In Brief: Mass. Lets Bank of N.Y. Sell Reverse Mortgages

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.

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