FORT MYERS, Fla.--(BUSINESS WIRE)--LTC Global, Inc. announced today that it has acquired a controlling equity interest in EquiPoint Financial Network, Inc. (“EquiPoint”), a national distributor of HECM reverse mortgages. EquiPoint, based in San Diego, California, is a Federal Housing Authority 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.
LTC Global’s Chief Executive Officer Thomas A. Skiff said today that “the EquiPoint acquisition is part of our strategy to expand our financial product offerings to the senior market. 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 today. “We also anticipate significant marketing synergies,” added Barnes.
About LTC Global
LTC Global is a leading independent marketer of insurance and financial products to seniors with emphasis on Long Term Care insurance, Medicare insurance products and HECM reverse mortgages. In addition, LTC Global provides capital to insurance agents and agencies through commission-based lending and renewal commission purchases. LTC Global has a national distribution network and is headquartered in Fort Myers, Florida.