Reverse mortgage lender Live Well Financial laying off 103 workers

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Live Well Financial, until recently one of the nation’s top reverse lenders, unexpectedly shuttered in May, ceasing operations and laying off more than 100 employees, including founder and CEO.

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Live Well Financial has halted fundings for new reverse mortgage loans and some loans in process, RMD has learned from wholesale account executives within the company. Some sources indicate the. – Live Well Financial, a reverse and traditional mortgage lender that abruptly stopped originating on May 3, will lay off 103 employees, according to a Virginia Employment Commission filing. The national company, which is based in the Richmond, Va., area, has continuity plans for loans in progress.

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 · After hearing about all of the charges and fees for Live Well Financial, I looked for and found employment with another reverse mortgage company as a loan officer. I’m not going to mention which company I finally went with, but I will tell you that if you want to work in reverse mortgages (and not get nickle and dimed by Live Well Financial.

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A recently shuttered local lender claims it was within its rights when it abruptly laid off its entire workforce with no advance notice. Live Well Financial, the once fast-growing, chesterfield-based reverse mortgage company that in early May ceased operations and cut its staff of more than 100, argues in a lawsuit in federal court that it does not owe back wages to those workers, despite not.