J.G. Wentworth Group Makes Move Into Reverse Mortgages Official

JGWPT announced it’s officially launching a reverse mortgage division under its Peachtree Financial Solutions company.

RMD reported that J.G. Wentworth was getting into the business late last year and it has since been running a small “pilot operation” out of its Randor, PA office. Peachtree and J.G. Wentworth became part of JGWPT, a newly formed and privately held holding company earlier this year.

“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,” said David Miller, CEO.

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The new division will be operated out of Peachtree’s Boynton Beach location and managed under Alberto Cairo, who currently serves at Peachtree’s COO.

Both J.G. Wentworth and Peachtree financial purchases structured settlement payments and other special assets. Over the last twenty years, the companies have purchased over $9 billion in future payment obligations and other specialty receivables.

JGWPT said it decided to make the reverse mortgage division an extension of Peachtree’s existing business because it’s a better fit operationally.

“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.

The company added that it’s searching for a national sales director.

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  • We are moving quickly to capitalize on this opportunity,” said Cairo.
     
    *I obviously share this enthusiasm and am happy to J.G. Wentworth Group finally going forward with this after their previous announcement. Like Greenlight, I think It is fanstastic to see yet another known entity enter our realm.
     
    Arthur Schopenhauer siad: “All truth passes through three stages. First, it is ridiculed. Second, it is violently opposed. Third, it is accepted as being self-evident.”
     
    I see these new established players as signs that Reverse Mortgages are becoming self-evident. This increased market awareness and acceptance will serve to benefit us all.*

  • We are moving quickly to capitalize on this opportunity,” said Cairo.
     
    *I obviously share this enthusiasm and am happy to J.G. Wentworth Group finally going forward with this after their previous announcement. Like Greenlight, I think It is fanstastic to see yet another known entity enter our realm.
     
    Arthur Schopenhauer siad: “All truth passes through three stages. First, it is ridiculed. Second, it is violently opposed. Third, it is accepted as being self-evident.”
     
    I see these new established players as signs that Reverse Mortgages are becoming self-evident. This increased market awareness and acceptance will serve to benefit us all.*

    • James,

      There is no question the exit of B of A and Wells has opened the door for others. There is a real question why it took over eight months to get past the primarily stage though.

      This is a very different company from Greenlight.  It is a company which acquires assets at a discount.  It brings a different image to the industry.  It will be interesting to see how that image impacts its ability to provide reverse mortgages and how that image affects the rest of us.

    • James,

      There is no question the exit of B of A and Wells has opened the door for others. There is a real question why it took over eight months to get past the primarily stage though.

      This is a very different company from Greenlight.  It is a company which acquires assets at a discount.  It brings a different image to the industry.  It will be interesting to see how that image impacts its ability to provide reverse mortgages and how that image affects the rest of us.

    • James,

      There is no question the exit of B of A and Wells has opened the door for others. There is a real question why it took over eight months to get past the primarily stage though.

      This is a very different company from Greenlight.  It is a company which acquires assets at a discount.  It brings a different image to the industry.  It will be interesting to see how that image impacts its ability to provide reverse mortgages and how that image affects the rest of us.

    • James,

      There is no question the exit of B of A and Wells has opened the door for others. There is a real question why it took over eight months to get past the primarily stage though.

      This is a very different company from Greenlight.  It is a company which acquires assets at a discount.  It brings a different image to the industry.  It will be interesting to see how that image impacts its ability to provide reverse mortgages and how that image affects the rest of us.

    • James,

      There is no question the exit of B of A and Wells has opened the door for others. There is a real question why it took over eight months to get past the primarily stage though.

      This is a very different company from Greenlight.  It is a company which acquires assets at a discount.  It brings a different image to the industry.  It will be interesting to see how that image impacts its ability to provide reverse mortgages and how that image affects the rest of us.

    • James,

      There is no question the exit of B of A and Wells has opened the door for others. There is a real question why it took over eight months to get past the primarily stage though.

      This is a very different company from Greenlight.  It is a company which acquires assets at a discount.  It brings a different image to the industry.  It will be interesting to see how that image impacts its ability to provide reverse mortgages and how that image affects the rest of us.

    • James,

      There is no question the exit of B of A and Wells has opened the door for others. There is a real question why it took over eight months to get past the primarily stage though.

      This is a very different company from Greenlight.  It is a company which acquires assets at a discount.  It brings a different image to the industry.  It will be interesting to see how that image impacts its ability to provide reverse mortgages and how that image affects the rest of us.

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