Business Journal: Liberty Mortgage Sold


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(Sacramento, CA)
Monday, July 23, 2007
A reverse mortgage allows homeowners age 62 and over to borrow against their home equity. Financial advisor Scott Hanson, who’s also a newspaper columnist, and his partner Scott McClain believed there was opportunity in the field, and created Liberty Reverse Mortgage in 2003, based in Rancho Cordova. They also own Hanson McClain Retirement Planning. Now they’ve sold liberty mortgage to Genworth Financial, a Fortune 500 company with 7,000 employees. The $50 million purchase should close in the fourth quarter of this year.