"People say that -- because of the failure of my talk show -- I had to come back," Frankel said during an appearance on the Today show this week.
"I was offered Shark Tank and Dancing With the Stars and Cinderella, and all these different things. But I wanted to go home again... Some of [the women] I've known for so many years, it feels like I'm going back to high school -- like a high school reunion."
Frankel was an original Housewife and left the franchise after its third season back in 2010. Her decision came several months after giving birth to her four-year-old daughter Bryn with ex-husband Jason Hoppy, and she had many conflicts with her former best friend Jill Zarin and longtime rival Kelly Bensimon on the series.
"I really never thought I'd go back. It had gotten to a point where I really didn't enjoy it anymore. Now, I'm so glad that I waited, because I'm really enjoying it. I respect the women; I respect what everyone's going through," Frankel said.
"I just have a different perspective on it. There is drama, but people are going through so many things personally -- transformations and transition -- that I think it's the most interesting season and it's really funny, which I missed. I missed the humor of it."
When host Savannah Guthrie asked Frankel if there will be any "fake drama" for entertainment value, the former Bethenny Ever After star insisted there won't be.
"I've personally never seen someone smash a glass at someone else or rip someone's hair extension out or flip a table. I've personally never seen that, and I've seen a lot. So, no, I do think it's real, and we're going through real things," Frankel said.
"And I missed the connection with the fans. I really did miss talking with women and I missed going through things in real time. People don't know me anymore or they think they don't know me anymore. I went through so many things with these people and I missed being able to just be free and real and honest and open. It's very therapeutic."
Frankel said being in the public eye made her more "resilient," and in the face of negativity, she's changed her attitude for the better.
The Real Housewives of New York City's seventh season premiered Tuesday night on Bravo. Frankel also has a new book coming out called I Suck at Relationships So You Don't Have To.
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"I'm owning it. I've learned more from my mistakes than I have from my successes in everything," Frankel said on Today.
"I was broke not so long ago, and in my business, I've always wanted to be successful yet made a lot of mistakes. I really had no idea if it would ever happen for me. It's the same with relationships. I can still give advice on something that I've made a lot of mistakes in."