ATLANTA, June 22 /PRNewswire/ -- Generation Mortgage Company™, the largest privately owned reverse mortgage retailer and wholesaler in the United States, today announced a new 4.99% fixed interest rate reverse mortgage product, offering seniors a long-term lower interest rate option.
"We want to give senior homeowners as many alternatives as possible to enable them to stay in their house," said Scott Peters, President and CEO, Generation Mortgage. "And with such a fragile state of our nation's economy, home equity remains a top financial asset for seniors and Baby Boomers."
Generation Mortgage has pioneered the idea of giving seniors every possible option when it comes to a reverse mortgage. In previous weeks, the company announced a reverse mortgage option that eliminated a large portion of the upfront fees, as well as the first-to-market jumbo reverse mortgage for houses valued over $1 million.
According to Peters, "Because we're a lender focused exclusively on reverse mortgages, Generation Mortgage can quickly respond to the needs of the senior market and introduce new products that allow borrowers to tap into more of their home equity."
The low interest reverse mortgage applies to Generation Mortgage's FHA-insured HECM (Home Equity Conversion Mortgage) fixed-rate product. Standard terms, conditions and qualifications apply. The reverse mortgage loan offering provides qualified homeowners age 62 and older an affordable rate and a lower balance at the end of the loan term.
The introduction of innovative products has helped fuel unprecedented growth for Generation Mortgage. According to an April 2010 report by Reverse Market Insight, Generation Mortgage ranks fifth in the nation as a provider of reverse mortgage HECM loans to the retail and wholesale markets. The company moved up a notch from seventh place in March to sixth place in April as a provider of retail HECM loans.
The 4.99% fixed rate HECM loan offering is now available in Generation Mortgage's retail and wholesale channels. For more information, consumers may call toll free 1.800.662.1962 and wholesale brokers may call 1.866.733.6085. Or, visit www.generationmortgage.com.
About Generation Mortgage
Generation Mortgage Company™ is the largest privately owned reverse mortgage retailer and wholesaler in the United States, a member of NRMLA (National Reverse Mortgage Lenders Association) and is Better Business Bureau A+ accredited. With its sole focus on reverse mortgages, Generation Mortgage is known in the industry as offering the "gold standard" in customer service, providing the loan servicing for nearly all of its retail and wholesale reverse mortgage loans. Licensed in 47 states, Washington, DC and Puerto Rico, Generation Mortgage offers FHA-insured
HECM (Home Equity Conversion Mortgage) loans, including fixed and adjustable rate, HECM for Purchase and a new jumbo Generation Plus™ reverse mortgage loan. Generation Mortgage benefits from the strategic and financial support of its controlling shareholder, Guggenheim Partners, LLC, a renowned financial services firm with more than $100 billion in assets under supervision.
Equal Housing Lender. NMLS #1319; Arizona Mortgage Banker License #0909296; Georgia Residential Mortgage Licensee #22292; 3 Piedmont Ctr, 3565 Piedmont Road NE, Ste 300, Atlanta, GA 30305; Licensed by the Department of Corporations under the California Residential Mortgage Lending Act; In CT, licensed and DBA as Generation Reverse Mortgage, Inc.; Illinois Residential Mortgage Licensee # MB.6760368; Kansas Licensed Mortgage Company License #MC.0001660; Massachusetts Mortgage Lender-ML3240; ME License #SLM9169; Licensed by the Mississippi Department of Banking & Consumer Finance; Licensed by the New Hampshire Banking Department as Generation Mortgage Company d/b/a Generation Mortgage Company, Inc; Licensed at 51 JFK Parkway, Suite 114, First Floor West, Short Hills, NJ 07078, Phone # 973-218-2418 by the New Jersey Department of Banking and Insurance; NV – 800 N Rainbow BLVD, Ste 170, Room 164, Las Vegas, NV 89107, Phone #702-948-5031; Licensed Mortgage Banker- NYS Banking Department; Licensed by the Pennsylvania Department of Banking; Rhode Island Licensed Lender; TX SML License #68405, 27030 Masters Pkwy, Spicewood, TX 78669; Licensed by the Virginia State Corporation Commission #MC-4832; Also conducts business in AL, AR, CO, DC, DE, FL, HI, IA, LA, MD, MI, MN, MO, MT, NC, ND, NE, NM, OH, OK, OR, SC, SD, TN, UT, VT, WI, WV, WY. Not all products and options are available in all states. Terms subject to change without notice. ©2010 Generation Mortgage Company. All Rights Reserved.
SOURCE Generation Mortgage Company