New Reverse Mortgage Business Launched by Peachtree Financial Solutions

BOYNTON BEACH, Fla., Aug. 31, 2011 /PRNewswire/ -- JGWPT, the privately held holding company which seven weeks ago announced it had acquired J.G. Wentworth and Peachtree Financial Solutions, today announced that it was officially launching a reverse mortgage division which will become part of the Peachtree group of companies operating out of Boynton Beach.

"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," says David Miller, CEO.

"We decided to reaffirm our commitment to Peachtree's Boynton Beach presence where it continues to be a significant employer of financial services experts and by establishing the new division there under the management of Peachtree's COO, Alberto Cairo," he said. "This decision means that Peachtree's four existing divisions will be joined by a fifth."

The reverse mortgage business started about a year ago as a pilot program at Radnor, PA based J.G. Wentworth. Following the joining of Peachtree and J.G. Wentworth seven weeks ago, it was decided that, strategically, it made business sense to make the reverse mortgage division an extension of Peachtree's existing specialty product lines as it was a better fit operationally.

"In addition, we will be hiring a national sales manager to assist in building the business," says Miller.

"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," adds Cairo.  

About the JGWPT Companies

The J. G. Wentworth family of companies, based in Radnor, PA and the Peachtree Financial Solutions family of companies, based in Boynton Beach, FL, are leading buyers of illiquid financial assets. J.G. Wentworth is a market leader in the purchase of structured settlement payment streams and Peachtree is a market leader in the purchase of lottery payment streams as well as structured settlement payments and other specialty assets.  

Operating independently for twenty years, the companies have purchased over $9 billion in future payment obligations and other specialty receivables.  For more information about J.G. Wentworth, visit www.jgwentworth.com.  For further information about Peachtree Financial Solutions, visit www.peachtreefinancial.com.

SOURCE J.G. Wentworth