KBC Financial Products buys US reverse mortgage group Vertical Lend
- Posted by admin on August 13th, 2007 filed in Reverse Mortgage Info
KBC Financial Products, a wholly-owned subsidiary of Belgian bancassurer KBC Bank NV, is to buy US reverse mortgage company Vertical Lend for an undisclosed sum, KBC confirmed.
Vertical Lend is the fifth largest provider of home equity conversion mortgages — also known as reverse or lifetime mortgages — where the equity in property is released as one lump sum or multiple payments.
The groups said the deal is expected to close at the end of the month, subject to certain conditions, including final regulatory approvals.
A KBC spokesman declined to give a price but said it was a ‘very small acquisition’.
He also said that KBC is already active in this area and stressed that the reverse mortgage business has ‘nothing to do with’ the current sub-prime situation.
Found here.
Sphere: Related Content
Leave a Comment