The parent company of structured settlement purchaser J.G. Wentworth, has expanded its pilot program in the reverse mortgage business into a full-fledged operation.
JGWPT is the parent company of both J.G. Wentworth, Radnor, Pa., and Peachtree Financial Solutions, Boynton Beach, Fla. About a year ago, the reverse mortgage pilot was started under auspices of J.G. Wentworth. Over two months ago, JGWPT brought in Peachtree, which besides the structured settlement business, also buys lottery payment streams.
The reverse mortgage operation will be part of Peachtree's business. JGWPT said having the reverse mortgage unit under the Peachtree umbrella made business sense as it is a better fit operationally with that firm's four existing business line.
Dan Miller, JGWPT chief executive, said, "we anticipated that there were going to be new market opportunities under a single holding company and today's announcement of this new division is tangible evidence of that."
The reverse mortgage division will operate out of Boynton Beach under the management of Alberto Cairo, Peachtree chief operating officer.
"This is a business with excellent potential that we can grow over the coming years in Boynton Beach. We are moving quickly to capitalize on this opportunity," said Cairo.
Miller said the reverse mortgage division would be hiring a national sales director to assist in building the business.
