Generation Mortgage Offers Jumbo Reverse Mortgage

Posted by Orb Staff on June 04, 2010 No Comments
Categories : Residential Mortgage

tion Mortgage Co., a privately owned reverse mortgage retailer and wholesaler, has made available a new jumbo reverse mortgage loan for homes valued up to $6 million. Generation Mortgage says the product is the industry's lone fixed-rate jumbo reverse loan offered for higher-valued homes, and that it caters to a ‘presently underserved consumer segment’ – i.e., seniors owning homes appraising higher than $1 million. ‘Many owners of higher-valued homes find themselves in the position of being house-rich and cash-poor,’ says Jeff Lewis, chairman of Generation Mortgage. ‘With our Plus loan, these owners can receive the liquidity they require without having to sell their home or other assets.’ The minimum appraised home value eligible for the product is $500,000, while the maximum value is $6 million. Available in most states throughout Generation Mortgage's national footprint, the jumbo Generation Plus loan may be obtained on primary residential homes, including Federal Housing Administration-approved townhomes. SOURCE: [link=http://www.generationmortgage.com/index.php?cat=media-pr&page=press-releases]Generation Mortgage

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