America's Senior Financial Services, Miami Lakes, Fla., has executed a letter of intent to acquire the Chicago-based Senior Income Reverse Mortgage Corp. The terms of the transaction, which will include cash and stock, were not disclosed.The companies said the merger would create the nation's third largest reverse mortgage lender. Nelson Locke, president of America's Senior Financial, and Steven Baer, president of Senior Income, are directors of the National Reverse Mortgage Lenders Association. Mr. Baer will continue in his current role at Senior Income and will join the board of America's Senior Financial. America's Senior Financial recently announced its intent to acquire Capital Funding of South Florida.
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