Longbridge buyer relays confidence in its purchase, and broader reverse mortgage business

On the heels of the announcement that mortgage investment firm Ellington Financial will acquire leading reverse mortgage lender, Longbridge Financial – the company released its Q4 2021 earnings results.

In an earnings presentation, Ellington CEO Laurence Penn related that the company has been observing strong and growing business fundamentals in Longbridge’s operations, which was a key factor in the acquisition deal. Penn also expressed general confidence in the reverse mortgage industry, due to favorable demographics and the growing senior-held home equity in the United States.

“As you know, reverse mortgages enable seniors to convert a portion of their home equity into cash without having to make regular monthly mortgage payments, so they can be valuable retirement tools,” Penn explained. “With the baby boomer generation continuing to age, the advantages of serving such a growing demographic are obvious. And similar to other markets into which Ellington Financial has expanded, we’re not really competing with banks in the reverse mortgage space. This space is dominated by non-banks, largely for regulatory reasons.”

Penn also noted the generally positive position that Longbridge and much of the reverse mortgage industry found itself in during the earliest, most uncertain days of the COVID-19 pandemic. He added that this will only help to enhance the general outlook brought about by the ongoing economic recovery.

For more information on Ellington’s earnings call and acquisition of Longbridge Financial, read the full article in Reverse Mortgage Daily.

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By submitting your phone number you are providing your signature and express “written” consent to having Longbridge Financial LLC or our mortgage partners contact you about your inquiry at the phone number you have provided. You agree to be contacted via a live or automated prerecorded telephone call, text message, or email even if you have previously registered on a “do not call” government registry or requested Longbridge to not send marketing information to you. You understand that your telephone company may impose charges on you for these contacts, and you are not required to enter into this agreement as a condition of any Longbridge products or services. You understand that you can revoke this consent at any time by calling Longbridge Financial at 855-523-4326.

For information on how we collect and use personal information, please see our Privacy Notice.