J.G. Wentworth is getting ready to start originating reverse mortgages according to several sources who have been in contact with the company.
Despite announcing it would enter the business in August 2011, J.G. Wentworth has been silent since then on any sort of plans until recently.
The company will be run out of an office in Boyton Beach, Florida, but it is not clear who is leading the division. Several calls made to J.G. Wentworth asking for more info were not returned, but LinkedIn shows that Kurt Heide was hired to be their Sales Manager.
According to the National Mortgage Licensing System, the company is licensed in 10 states and will operate under the name J.G. Wentworth Home Equity Services.
When RMD asked a Peachtree Financial—which is owned by J.G. Wentworth—representative on their website whether they offered reverse mortgages, we were told yes and given a number to call. However, when we called, the receptionist said the company didn’t offer reverse mortgages at this time. So while there might be some confusion at the Peachtree office, it’s pretty clear that the company is about to start originating.
Exactly what J.G. Wentworth’s plans are for reverse mortgages aren’t clear right now, but having a new national brand enter into the space will be a big boost to the industry after losing MetLife earlier this year.
J.G. Wentworth says it’s the largest buyer of deferred payments from illiquid financial assets, purchasing over $4 billion of future obligations from consumers.