The deal, initially announced by Onity during its Q2 earnings call, suggests that Waterfall is committed to the reverse mortgage space.
The company intends to issue $51.7 million in par value of new, non-convertible, cumulative preferred stock to Waterfall in consideration of the acquisition.
This strategic partnership combines our capital and expertise with Onity's operational capabilities, enabling us to seek exceptional investment opportunities.
We see HECMs as a valuable tool for homeowners in today's environment, many of whom have accumulated substantial equity but also benefit from low mortgage rates so want to access that equity without selling their home.
#onity-group #reverse-mortgage #waterfall-asset-management #financial-partnership #real-estate-finance
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