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.
