The presiding judge in the bankruptcy case involving Reverse Mortgage Investment Trust (RMIT) — the parent company of former leading reverse mortgage lender Reverse Mortgage Funding (RMF) — has approved a request to transfer the company’s bankruptcy status to Chapter 7 from its current Chapter 11 status. This is according to court documents reviewed by RMD.

The move allows the RMIT estate to sell off its remaining assets to satisfy creditor claims. It can also provide an additional mechanism for resolving disputes while reducing the administrative costs the estate would need to continue paying under Chapter 11.

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