One of the biggest mortgage lenders in the game has abruptly shut down operations regarding reverse mortgage originations. The Virginia based company, Live Well Financial, was founded in 2005 by Michael Hild, a local entrepreneur and former Capital One executive.
The originations came to a stop alongside more than a 100 employee’s careers, the statement came to the public with no excuse for the terminations, all but a “liquidity crunch” rumour, putting a stop to new all new loan possibilities.
But the real story was sadder, the company decided not just to stop all reverse mortgage related operations, the truth is they’re shutting all business and mortgage security issues too.
It’s a strange and unusual story for the mortgage business, they were once at the top of the national lender companies in the US, but right now they’re selling their complete reverse mortgage portfolio out of the blue. More news and official statements are yet to come.