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The acquisition was worth $32 million, and allows UB to retain its name and operate as an independent institution.
Small Business Administration District Director Anne Hunt says the increased lending indicates positive activity within the financial industry; that banks are taking on more loans; and that small businesses are finding it easier to approach lenders.
Reverse mortgages have weathered some controversy over the years, ranging from news stories regarding foreclosure cases against seniors who defaulted on the terms of their loans to a wider misperception that lenders automatically seize the property upon the death of the borrower.