Long after leaving the reverse mortgage business, Bank of America is back on the landscape — now with an objection to Reverse Mortgage Solutions’ sale proceedings. The company, which once originated as many as 9,000 reverse mortgage loans per year, has filed an official objection in the Bankruptcy Court for the Southern District of New […]
Finance of America Reverse (FAR), the number two reverse mortgage lender according to June origination data, has added its proprietary HomeSafe Select product to its suite of offerings in the state of Florida, the company announced Monday. This marks the first expansion of the product’s availability beyond just the state of California, and also makes […]
Once one of the top 10 reverse mortgage lenders by volume, the closure of Live Well Financial was as swift as it was unexpected. While the dust has yet to completely settle on this story, numerous legal proceedings extending out of the closure and ongoing investigations by financial regulators and federal law enforcement have further […]
With an eye toward national expansion, Salt Lake City, Utah-based Primary Residential Mortgage, Inc. (PRMI) has opened its first consumer-direct retail branch focused solely on reverse mortgages. The branch, based in Owings Mills, Md., and led by PRMI’s Reverse Mortgage Division Manager Steven Sless, is the first for the company that will deal exclusively with […]
The future of the proprietary reverse mortgage market could be coming a lot sooner than some people think, since it’s entirely possible that the recent propagation of new, private alternatives to the federal government’s long-standing Home Equity Conversion Mortgage (HECM) program could be eclipsed by private alternatives as soon as this year. This is according […]
In addition to making a recent major acquisition and by adding several former executives from the recently-shuttered Live Well Financial, Austin, Texas-based Open Mortgage is a company on the move. Because of the actions it has taken concerning the expansion of both its forward and reverse mortgage business arms, questions about exactly what it intends […]
A bankruptcy court judge in the state of Delaware has ordered Live Well Financial into Chapter 7 bankruptcy protection, while also appointing an interim trustee to oversee the company’s remaining operations during the associated liquidation process. This is according to court documents obtained by RMD and first reported by the Richmond Times-Dispatch. In a document […]
Kansas City, Mo.-based Five Elms Capital, an investment firm with a focus on B2B software and technology companies, is the latest creditor to join a forced bankruptcy lawsuit against recently-shuttered reverse mortgage lender Live Well Financial, according to recent court documents obtained by RMD. The collective of companies under the Five Elms umbrella is represented […]
While most new equity-tapping companies view reverse mortgage lenders as competition, one company is taking a very different approach by partnering with them directly. EasyKnock, based in New York City and last month the recipient of $215 million in investment funding, says it has partnered with eight of the top 10 reverse mortgage lenders on […]
New Jersey-based financial services holding company Arista Financial Corp., which offers financing options to small truck lenders through its wholly owned subsidiary Arista Capital, announced Wednesday that it intends to enter the mortgage business, but also added that it is pursuing avenues to enter the reverse mortgage sector to further diversify its holding company’s portfolio. […]
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