Seattle Mortgage Closing Reverse Mortgage Division

"Less than a year after coming back into the reverse mortgage business, Seattle Mortgage said it will close the division by the end of February.

An affiliate of Seattle Bank, the operation never quite took off as its parent company struggled to raise additional capital to appease federal regulators. Reports show it’s close to raising $50 million to re-captialize the bank and as part of the process, the company decided reverse mortgages were not a core business."