With overall wholesale reverse mortgage volumes down by six percent as recently reported by Reverse Market Insight, the wholesale division at Generation Mortgage Company experienced an increase as the company closed 182 percent more Home Equity Conversion Mortgages (HECM) in 2009 than in 2008, making the company the fifth largest reverse mortgage wholesale lender in the country.Read more

On Feb. 5, 1988, President Ronald Reagan signed reverse mortgage insurance legislation, and it became the task of the U.S. Department of Housing & Urban Development (HUD) to create a marketable product out of the law. There were no models. So, HUD put a product-design team together. Edward J. Szymanoski, an Associate Deputy Assistant Secretary for Economic Affairs at HUD’s Office of Policy Development and Research, was a vital member of that pioneering product-development team.Read more