J.G. Wentworth Expands From Structured Settlement To Reverse Mortgage Business

J.G. Wentworth is planning to expand outside of the structured settlement industry and into the reverse mortgage business.

The company is currently the largest purchaser of future payment products and is now looking for licensed mortgage brokers or lenders to build a nationwide retail reverse mortgage business.

“Initially, this leader will evaluate the current reverse mortgage market, assess the opportunity, work with senior management in setting up a new business entity, help in the licensing process as well as determining the best internal procedures and processes to be put into place to have the business up and running from day one,” said the companies job opportunity listing.

Since J.G. Wentworth plans to start the division from scratch they will have to obtain licenses in each state which will take time.

J.G. Wentworths large investment in marketing will allow them to reach a large amount of reverse mortgage borrowers.

In 2007 the company stated that they invested over $43 million on marketing through various forms of media.

In 2009 they had problems during the financial crisis and filed for chapter 11 bankruptcy protection.

Now that the company is reorganizing it’s plan is to invest more into reverse mortgages and less in structured settlements.

SOURCE