Insurance company MetLife has signed a purchase agreement whereby it will acquire EverBank Reverse Mortgage of Bloomfield, New Jersey, from its parent, EverBank.

It is expected that EverBank Reverse will be a division or operating subsidiary of MetLife Bank, a direct subsidiary of MetLife. The terms of the agreement were not disclosed. It is anticipated that the deal will be finalized by July 31, 2008.

Donna DeMaio, president of MetLife Bank, said: The acquisition of EverBank Reverse Mortgage will help us rapidly grow this business and strengthens MetLife’s position as an innovator in helping Americans make the most of what they have in retirement.