California Couple is First to Receive Payout on New Jumbo Reverse Loan from Generation Mortgage

ATLANTA, Aug. 18 /PRNewswire/ -- Generation Mortgage Company today announced a California couple has been the first to close one of its new Generation Plus® jumbo reverse mortgages. The fixed-rate jumbo loan product was introduced in June and is available to seniors owning homes that appraise between $500,000 and $6 million.

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"The Generation Plus loan caters to an underserved segment of senior homeowners living in higher-valued homes," said Scott Peters, President and CEO, Generation Mortgage Company. "We're very pleased with the quick market acceptance of our jumbo product as it demonstrates that Generation Mortgage is filling a genuine market need among seniors seeking to obtain the highest payout possible on one of their most valuable assets."

Newport Beach, CA residents Michael and Barbara are the borrowers now enjoying the proceeds of the first Generation Plus loan. "Getting this reverse mortgage gives new meaning to the phrase, 'house proud,'" says Barbara. "Until now, we were unable to leverage our home equity. This was a huge frustration as we did not want to move and we had all this money tied up in home equity. The Generation Plus loan has been the perfect solution allowing us to access this money, stay in our home, and gave us peace of mind."

Barbara and Michael started researching reverse mortgages as soon as they were eligible at age 62. Both are retired and wanted to obtain a reverse mortgage to assist with financial planning for their retirement. Tapping into their home equity would allow them to invest for their personal goals of providing financial security to their heirs.

For Raymond Denton, a Generation Mortgage brokerage partner with iReverse Home Loans who worked directly with Barbara and Michael, this is the first jumbo loan he has originated in two years. "Most homeowners I've spoken with are strategically re-evaluating their estate and are considering using a jumbo reverse mortgage to re-distribute their assets in a manner that promotes their legacy. The Generation Plus loan may allow consumers to reduce inheritance taxes and provides maximum financial benefit to heirs," said Denton.

Available in most states throughout the company's national footprint, the Generation Plus jumbo reverse loan may be obtained on primary residential homes, including FHA-approved townhomes. Payout is completed at closing and may be used for any purpose, including covering medical expenses or making home repairs or improvements. For more information, consumers may call toll free at 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 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 rates, HECM for Purchase and Generation Mortgage's new proprietary 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; Corporate Office: 3 Piedmont Ctr, 3565 Piedmont Rd NE, Ste 300, Atlanta, GA 30305; Arizona Mortgage Banker License #0909296; Arkansas Combination Mortgage Banker-Broker-Servicer License; Licensed by the Department of Corporations under the California Residential Mortgage Lending Act; Colorado, To check the license status of your mortgage loan originator, visit http://www.dora.state.co.us/real-estate/index.htm; In CT, licensed and DBA as Generation Reverse Mortgage, Inc.; Georgia Residential Mortgage Licensee #22292, Generation Mortgage Company, 3 Piedmont Ctr, 3565 Piedmont Road NE, Ste 300, Atlanta, GA 30305; Illinois Residential Mortgage Licensee # MB.6760368; Kansas Licensed Mortgage Company #MC.0001660; Massachusetts Mortgage Lender-ML3240; Licensed by the Mississippi Department of Banking & Consumer Finance; Nevada #2970, 800 N Rainbow BLVD, Ste 170, Room 164, Las Vegas, NV 89107, Phone# 702-948-5031; Licensed by the New Hampshire Banking Department as Generation Mortgage Company d/b/a Generation Mortgage Company, Inc; Licensed by the N.J. Department of Banking and Insurance, 51 JFK Parkway, Suite 114, First Floor West, Short Hills, NJ 07078, Phone # 973-218-2418; Licensed Mortgage Banker- NYS Banking Department; Licensed by the Pennsylvania Department of Banking; Rhode Island Licensed Lender; TX SML License #68405; Licensed by the Virginia State Corporation Commission #MC-4832; Also conducts business in AL, DC, DE, FL, HI, IA, ID, IN, LA, MD, ME MI, MN, MO, MT, NC, ND, NE, NM, OH, OK, OR, PR, SC, SD, TN, UT, VT, WA, 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