Ellington Invests in Reverse Mortgage Firm

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Ellington Financial in Old Greenwich, Conn., has made a minority investment in retail reverse mortgage loan originator Longbridge Financial.

Longbridge’s goal is to assist seniors through a systematic retirement planning process, “by utilizing the home equity that they’ve built over time,” said Chris Mayer, CEO of Longbridge, a licensed HUD lender.

Longbridge is developing its own suitability standards to ensure that borrowers are able to sustain long-term homeownership throughout their retirement, Mayer said. This partnership with Ellington will ensure Longbridge achieves its anticipated expansion “in this exciting new phase of our development.”

Ellington is a specialty finance company that primarily acquires and manages mortgage-related assets.

Article source: http://www.nationalmortgagenews.com/news/origination/ellington-invests-in-reverse-mortgage-firm-1042616-1.html

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