2001 Volvo XC70 Torque Converter

Transmission problem
2001 Volvo XC70 Automatic 100, 00 miles

I have a bad torque converter in my Volvo. The mechanic has recommended a full transmission replacement ($3800 + $700 labor) as he inidicates that when the torque converter breaks it can often damage the transmission. I am opting to try only changing out the torque converter as the transmission was replaced at apprxomiately 60,000 and I really don't want to have to dump another 5k into this car. Anyway, they are going to charge the same labor fee of $700 just for the torque converter. My regular volvo mechanic tells me that the torque converter actually sits on the front of the transmission and would not require complete removal of the transmission; therefore labor costs should be less than the cost for full transmission replacement. Is this true?