OLD GREENWICH, Conn., Sept. 11, 2014 /PRNewswire/ -- Ellington Financial LLC (NYSE: EFC) announced today that it has made a minority investment in Longbridge Financial, LLC, a retail reverse mortgage loan originator based in Mahwah, New Jersey.
"Longbridge is managed by a team of seasoned executives with extensive professional experience, both inside and outside the industry," said Michael Vranos, CEO of Ellington Management Group, L.L.C. "With its customer-focused approach and industry-leading ethical practices, we believe that Longbridge is poised to significantly expand its presence in the reverse mortgage origination space. We look forward to working with Chris and the Longbridge team to help build on their momentum and identify new ways to enable older Americans to improve their retirement."
"Many older Americans are struggling every day to meet their retirement and health care needs," said Chris Mayer, CEO of Longbridge. "We founded Longbridge with the goal of helping seniors secure a better retirement through a systematic planning process, by utilizing the home equity that they've built over time. Our company is committed to the highest ethical practices, and we are developing our own suitability standards so as to ensure that borrowers are able to sustain long-term home ownership throughout their retirement. We have positioned Longbridge as an innovator in the reverse mortgage space, and with Ellington Financial as a partner, we anticipate meaningful expansion in this exciting new phase of our development."
About Longbridge Financial, LLC
Longbridge Financial is a reverse mortgage loan originator committed to responsibly helping seniors use home equity to secure a better retirement. Longbridge works with reputable companies in the financial services industry who share a commitment to the highest business and regulatory standards. Longbridge is licensed as a HUD lender.
About Ellington Financial LLC
Ellington Financial LLC is a specialty finance company that primarily acquires and manages mortgage-related assets, including residential mortgage-backed securities, residential mortgage loans, commercial mortgage-backed securities, commercial mortgage loans and other commercial real estate debt, real property and mortgage-related derivatives. The Company also invests in corporate debt and equity securities, asset-backed securities backed by consumer and commercial assets, non-mortgage-related derivatives and other financial assets. Ellington Financial LLC is externally managed and advised by Ellington Financial Management LLC, an affiliate of Ellington Management Group, L.L.C.