The Closure of Live Well Financial: The Story So Far

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 […]

Live Well Financial Ordered into Involuntary Bankruptcy Protection

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 […]

Live Well Creditors Act to Force Company Into Bankruptcy

In the latest event to unfold in the ongoing saga surrounding the May closure of Virginia-based lender Live Well Financial, three of the company’s former creditors are now seeking to use the court system to force the remains of the company into involuntary bankruptcy, using apparent investigations being made by regulators and federal law enforcement […]

Seeking Loan Repayment, Flagstar Files Suit Against Live Well CEO

Following the sudden closure of top-10 reverse mortgage lender Live Well Financial, the company’s CEO is being sued by one of the company’s creditors. Last week, Michigan-based Flagstar Bank filed a suit in federal court, seeking repayment of more than $80 million in delinquent loans and interest, according to a court filing made with the […]

Flagstar Faces $74 Million in Exposure on Heels of Live Well Closure

Bank holding company Flagstar Bancorp (FBC) disclosed new financial exposure of $74 million on Monday, believed to stem from the downfall of major reverse mortgage lender Live Well Financial. The company attributes the exposure, comprising a $69 million commercial loan and a $5 million warehouse line, to an unnamed, recently closed reverse mortgage lender, which […]