LTC Global, a Florida-based independent marketer of insurance and financial products, has acquired a controlling equity interest in EquiPoint Financial Network, a California-based distributor of Home Equity Conversion Mortgage (HECM) reverse mortgages.
EquiPoint is a Federal Housing Authority approved direct endorsement lender. EquiPoint principal Bruce Barnes will continue to serve as president of EquiPoint.
LTC Global CEO Thomas Skiff said, the EquiPoint acquisition is part of the company’s strategy to expand the financial product offerings to the senior market.
Barnes said, LTC Global’s resources and experience in the senior market will complement EquiPoint’s business. In particular, LTC Global’s financial strength will enable EquiPoint to underwrite, close and warehouse a substantial inventory of loans.
Last year, LTC Global agreed to acquire a majority interest in another reverse mortgage lender, Next Generation Financial Services (NGFS), currently operating as a division of 1st Mariner Bank.