Maverick Funding Group announced it’s launching a new reverse mortgage subsidiary under the Reverse Mortgage Network (RMN) brand.

The new division opened its doors on Sept. 1, 2011, and is staffed with 22 former Wells Fargo reverse mortgage employees. The group will be based in Parsippany, NJ and is licensed in 22 states.

“We are excited about the establishment of Reverse Mortgage Network,” said Ralph Vitiello, Chief Executive Officer of Maverick Funding Corp.  “We see this as an opportunity to serve a segment of the population that in many cases is underserved, particularly in today’s difficult economic climate.”

Wells Fargo announced it was leaving the reverse mortgage business earlier this year, despite it being the largest lender in the country.

“Our team has worked with hundreds of seniors to help them obtain reverse mortgages on their homes,” said Dino Guadagnino, Vice President of Reverse Mortgage Network. “We have never seen a reverse mortgage where the borrower did not benefit tremendously from it.”