Generation Mortgage reports 233 percent growth in 2009MortgagePress.comGeneration Mortgage, reverse mortgages, HECM, U.S. Department of Housing and Urban Development
In the first quarter of 2009, Generation Mortgage Company's
combined retail and wholesale divisions closed 1,405 Home Equity
Conversion Mortgages (HECM). This represents the most reverse
mortgages the company has closed over the same period since opening
for business in 2006.
From January through March 2009, demand for all types of reverse
mortgages increased nationwide to nearly 30,000 according to the
U.S. Department of Housing and Urban Development. While the
year-over-year volume of HECM loans originated in the first quarter
remained close to that of 2008, Generation Mortgage experienced a
233 percent increase in HECM loans originated, rising to sixth
position among the country's 10 largest reverse mortgage
lenders.
"The federal stimulus package provided for some integral changes
to the HECM program that have led many more homeowners 62 years of
age and older to consider reverse mortgages," said Joe Morris,
chief executive officer, Generation Mortgage Company. "The higher
lending limit provides for greater liquidity in homes with higher
values. This, in turn, makes the reverse mortgage more attractive
than ever before for older boomers and seniors seeking greater
financial independence."
Jeff Lewis, chairman, Generation Mortgage Company added, "As the
economy shifted and credit markets became less liquid, the
FHA-insured reverse mortgage has become the best option for those
in need of cash now. At Generation Mortgage, we are committed to
customer service and treat every borrower with the dignity and
respect that they deserve. When asked, our clients say that they
chose Generation Mortgage over other reverse mortgage lenders
because we remain a trusted advisor for the life of the loan and we
are extremely proud of this fact."
For more information, visit www.generationmortgage.com.
