Reverse Mortgage Funding Acquired by Reverse Mortgage Investment Trust
Bloomfield, N.J., July 14, 2014 — Reverse Mortgage Funding LLC (RMF) announced today that it has been acquired by Reverse Mortgage Investment Trust Inc. (RMIT). RMIT is a real estate investment trust whose primary focus is on investing in FHA-insured reverse mortgages and government-guaranteed, reverse mortgage-backed securities. RMIT recently completed a private 144A equity offering, raising $230 million in capital.
The acquisition results in RMF being owned by a parent company with significant permanent capital, which will support its origination and servicing strategy to significantly build market share and grow the overall market. Details of the transaction were not disclosed.
Craig Corn will remain CEO of RMF and will continue as Chairman and CEO of RMIT.
“This transaction helps fulfill our strategic vision of having a business model consisting of two major activities, reverse mortgage banking and portfolio management,” said Corn. “This allows us to bring the most innovative products and services to market, offering America’s seniors more options to fund their retirement.”
About Reverse Mortgage Funding LLC
Reverse Mortgage Funding LLC was established in July 2012 and is led by industry veterans Craig Corn, Robert Sivori and David Peskin. These executives have an average of more than 15 years of experience in building and growing industry-leading firms. The company originates and services reverse mortgages in 47 states and jurisdictions through its retail, wholesale and third-party channels. The company has offices in New York and New Jersey. Learn more by calling (877) 820-5314 or visiting reversefunding.com.
About Reverse Mortgage Investment Trust Inc.
Reverse Mortgage Investment Trust Inc. (RMIT) was established in 2013. RMIT is a real estate investment trust (REIT) whose primary focus is on investing in FHA-insured reverse mortgages and government-guaranteed, reverse mortgage-backed securities. The company is headquartered in New Jersey. Learn more by calling (973) 842-2448.
Forward-Looking Statements
Certain statements contained in this press release constitute forward-looking information. Forward-looking statements are subject to substantial risks and uncertainties, many of which are difficult to predict and are generally beyond RMF's control. The forward-looking statements, and other risks, uncertainties and factors are based on RMF's beliefs, assumptions and expectations of its future performance, taking into account all information currently available to RMF. Forward-looking statements are not predictions of future events. RMF disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.