You will report the interest you receive from your son as interest income and you will have to report the interest you pay to Bank of America as an investment interest expense on Sch A.
He can claim the interest as a deduction. You do not have to issue him a Form 1099 INT as this is a personal loan and not a loan in the ordinary course of your business activity.
here is a link on who is required to issue Form 1099 INT
Will the interest income and the interest expense I have to calm, always be a wash? I retired last year and may have to take the standard dedution next year?
Investment interest expense will be claimed on Sch A. As long as your investment interest expense is higher than the standard deduction and the investment interest expenses is equal or less than the interest income than you can itemize and claim the deduction.