LTC Global Inc. has announced that it has acquired a controlling equity interest in EquiPoint Financial Network Inc., a national distributor of Home Equity Conversion Mortgage (HECM) reverse mortgages. EquiPoint, based in San Diego, Calif., is a Federal Housing Administration (FHA)-approved direct endorsement lender. EquiPoint principal Bruce D. Barnes will continue to serve as president of EquiPoint. 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.
"The EquiPoint acquisition is part of our strategy to expand our financial product offerings to the senior market," said LTC Global’s Chief Executive Officer Thomas A. Skiff. "We expect substantial synergies between EquiPoint and NGFS. We admire what Bruce Barnes and the EquiPoint team have accomplished in the industry so far, and we’re looking forward to working with them.”
“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,” Barnes said. “We also anticipate significant marketing synergies."
For more information, visit ltcglobal.com.