Liberty Reverse Mortgage has announced that on Nov. 17 it will become Genworth Financial Home Equity Access. Genworth acquired the company in November 2007 for $50 million and was the first major insurance provider to acquire a reverse mortgage lender.
According to Reverse Market Insight’s October MIC Reports, the Rancho Cordova, California based company has seen its retail production drop 47% compared to last year. While Liberty’s retail business still represents the majority of their business, its wholesale division has seen significant growth over the past year.
Along with the name change is a new website which looks to be taking place already. Liberty’s website was recently redesigned however still reflects Liberty Reverse Mortgage logo.
I new Liberty was going through a lot of changes to become part of the Genworth family, but I’m a little surprised they’re changing the name. Liberty has built up a lot of brand equity over the years and I thought it was part of the reason Genworth paid such a premium to acquire the company.