ATLANTA, April 7 /PRNewswire/ -- Generation Mortgage Company™, the largest privately owned reverse mortgage retailer and wholesaler in the United States, today announced it has introduced a new fixed-rate reverse mortgage product with no origination fee and no servicing fee to provide senior clients more upfront loan proceeds at a lower cost. The new HECM (Home Equity Conversion Mortgage) loan offering is now available in Generation Mortgage's retail and wholesale channels.
"Generation Mortgage is pleased to support our senior community by ensuring we evolve as our industry evolves with improved product options," said Scott Peters, President and CEO, Generation Mortgage. "We are very happy to provide access to more equity to our senior clients with these new changes."
The new zero origination fee, zero servicing fee product applies to Generation Mortgage's FHA-insured HECM fixed-rate product and allows qualified borrowers age 62 and older to receive additional, up-front loan proceeds of up to $10,000 or more, depending on the equity in their home.
"We are in the business of helping clients put as much money as possible back into their pockets, and the best way to do that is by regularly evaluating how we can maximize each client's reverse mortgage," Peters said. "This attractive option is a function of positive market conditions. It makes sense for seniors to investigate this option now as these conditions can change at any time."
For its wholesale channel, as of April 1, 2010, Generation Mortgage began offering its brokers and correspondents a fixed-rate HECM loan product option with no servicing fee and no origination fee.
About Generation Mortgage
Generation Mortgage Company is the largest privately owned reverse mortgage retailer and wholesaler in the United States, and a member of NRMLA (National Reverse Mortgage Lenders Association) and Better Business Bureau A+ accredited. With its sole focus on reverse mortgages, Generation Mortgage Company™ offers clients "A New Generation in Reverse Mortgages™" and pledges to deliver outstanding customer service, as exemplified by its Loan Servicing - Generation services all its reverse mortgage loans and does not outsource them. Generation benefits from the financial and logistical support of its controlling shareholder, Guggenheim Partners, LLC, a renowned financial services firm with more than $100 billion in assets under supervision.
For more information, visit www.generationmortgage.com or call toll free 1.800.662.1962.
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 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