WSFS Financial Corp. in Wilmington, Del., has bought a majority stake in a reverse mortgage company, 1st Reverse Financial Services LLC in Westmont, Ill.
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WSFS, which has $3.2 billion of assets, announced the deal Friday but did not disclose its financial terms. Its subsidiary, WSFS Bank, already originates reverse mortgages at its branches, and its deal for 1st Reverse Financial will give WSFS a national presence in the business. The subsidiary will retain its name and remain headquartered in Westmont, a Chicago suburb.
