NRMLA adopts loan originator credential
Generation Mortgage takes a stand for the reverse mortgage industryMortgagePress.comGeneration Mortgage, reverse mortgage, Consumer Reports, HECM Generation Mortgage Company, a nationwide retailer and wholesaler of reverse mortgages, has released the following statement admonishing Consumer Reports Magazine for what Joe Morris, chief executive officer of the company called, "Irresponsible, misleading and poorly-researched journalism," regarding the March 2009 article called, Money Mistakes: Risks to Watch Out For. Reverse mortgages are lent to people aged 62 or older and are actually a Home Equity Conversion Mortgage (HECM) backed and insured by the U.S. Department of Housing and Urban Development. The use of the reverse mortgage program by senior homeowners is growing and recent Congressional legislation has increased the HECM lending limit, making these loans now available to an even larger community of seniors. Mr. Morris continued, "Most experienced financial professionals would agree that a reverse mortgage is a powerful financial instrument that requires careful borrower consideration and government-mandated counseling. Generation Mortgage and our peers adhere to a strict, self-imposed code of conduct which exemplifies the industry's commitment to maintaining the highest of ethical and professional standards." Generation Mortgage and other lenders have helped thousands of people achieve financial freedom and overcome burdens leveraging a reverse mortgage. Many seniors are so pleased to have peace of mind that they are happy to share their feeling. Eighty-three year-old Vivian from Alta Dena, California said, "I feel so relieved that I don't have to pay a monthly mortgage payment, they will not take my home away from me, and I will have my home until the day I am gone--it's a wonderful feeling!" "It is not the first unfair representation of our industry and it is unlikely to be the last. Generation Mortgage is a company built to serve the financial needs of seniors. As such we feel dutiful in representing our customers, our company and our industry in speaking out against the erroneous claims of these self-appointed consumer advocates. It would be tragic, especially amid the current economic crisis, if even one senior facing serious financial challenge should fail to consider a reverse mortgage as a solution because of irresponsible reporting from Consumer Reports," Mr. Morris concluded. For more information, visit www.generationmortgage.com.