What happened to LiveWell financial?
Live Well Financial was among the top reverse mortgage companies by volume before closing suddenly in May 2019. Many Live Well staff and some of the company’s operations ultimately moved to another reverse mortgage lender called Open Mortgage.
Who owns Live Well Financial?
LWF is headquartered in Richmond, Virginia and has 3 retail origination branches, 2 in Richmond, Virginia and 1 in San Diego, California, with origination capabilities throughout the United States….Live Well Financial.
| Founded | Richmond, Virginia, USA (2005) |
|---|---|
| Key people | Michael Hild, CEO/Founder |
| Employees | 300+ (2016) |
| URL | LiveWell.com |
What is a financial reverse?
A reverse mortgage loan, like a traditional mortgage, allows homeowners to borrow money using their home as security for the loan. Also like a traditional mortgage, when you take out a reverse mortgage loan, the title to your home remains in your name.
Do you have to live in the house to get a reverse mortgage?
You must live in your home as your primary residence for the life of the reverse mortgage. Vacation homes or rental properties are not eligible. You must own your home outright or have at least 50% equity in your home to be eligible for a reverse mortgage loan.
What are the hidden dangers of a reverse mortgage?
Reverse mortgage contracts can have hidden costs such as fees and interest can eat up your home equity. Unless you are careful, you can risk losing your home or have it passed on to the lender when you die instead of to your heirs.
Can you lose your house if you have a reverse mortgage?
The answer is yes, you can lose your home with a reverse mortgage. However, there are only specific situations where this may occur: You no longer live in your home as your primary residence. You move or sell your home.