Senior Financial, Inc. to Acquire Liberty Reverse Mortgage, Inc.
Richmond, VA (July 19, 2007) – Senior Financial, Inc., a wholly owned venture investment subsidiary of Genworth Financial, Inc. announced today that it has entered into an agreement to acquire Liberty Reverse Mortgage, Inc., headquartered in Rancho Cordova, California. Liberty is an independent reverse mortgage lender.
Under the terms of the agreement, Senior Financial will pay $50 million for Liberty at closing with potential additional performance-based financial consideration.
“This acquisition is a natural extension of our commitment to the senior market and our vision to deliver financial security to consumers,” said Pam Schutz, Executive Vice President—Genworth. “Liberty will allow Genworth to offer senior market consumers new products that provide liquidity, retirement income, and enable funding of their retirement safety net.”
“This new relationship will provide unique synergistic opportunities to leverage Genworth's focus on retirement and senior markets and build new distribution outlets,” said Scott Hanson, co-founder of Liberty.
The proposed transaction is subject to various state and governmental approvals as well as other conditions. The transaction is expected to close in the fourth quarter of 2007.
About Genworth Financial
Genworth Financial, Inc. is a leading financial security company meeting the retirement, longevity and lifestyle protection, investment and mortgage insurance needs of more than 15 million customers. It has a presence in more than 25 countries. For more information, visit genworth.com.
Media Contact: Tom Topinka, 804.662.2444